(Reuters) - Hyatt Hotels ( H ) will buy Playa Hotels & Resorts ( PLYA ) for about $2.6 billion including debt, net of cash, the company said on Monday, seeking to expand its presence in Mexico and the Caribbean.

Playa operates resorts in Mexico, the Dominican Republic and Jamaica.

Hyatt, which currently owns 9.4% of Playa's outstanding shares, expects the transaction to close later this year.

(Reporting by Aishwarya Jain in Bengaluru)