06:55 AM EDT, 06/30/2025 (MT Newswires) -- Hyatt Hotels ( H ) said Monday it has agreed to sell its Playa hotels and resorts portfolio to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners and Rodina, for $2 billion.

The company said it can also earn up to an additional $143 million if certain operating thresholds are met.

The real estate portfolio includes 15 resorts in Mexico, the Dominican Republic and Jamaica.

The deal is set to close before the end of the year.

Concurrent with the sale, Hyatt said it has entered into 50-year management agreements with Tortuga for 13 of the 15 properties. Terms are consistent with Hyatt's existing all-inclusive management fee structure.

Hyatt said it will retain $200 million of preferred equity in connection with the real estate transaction.