Hyatt Hotels Corporation has executed an exclusivity agreement with Playa Hotels & Resorts NV under which Playa has agreed to negotiate exclusively with Hyatt regarding potential strategic alternatives, which may include the acquisition of Playa by Hyatt.

The exclusivity agreement will remain in place until the earlier of the execution of a definitive agreement for such transaction or 11:59 p.m. New York City time on Feb. 3, 2025.

“Playa has been a valuable partner for many years, is one of the world’s strongest operators of all-inclusive resorts and owns a premier portfolio of high-quality, high-end all-inclusive resorts in iconic locations and key markets across the Caribbean and Mexico,” said Mark S. Hoplamazian, president/CEO, Hyatt. “Strategic alternatives under consideration could have compelling strategic merit to add new incremental durable fee streams for Hyatt. We remain steadfastly committed to our asset-light business model and if this process continues, we will continue to map out a clear path for an asset-light outcome for any strategic alternatives we undertake.”

Playa’s board of directors has been evaluating opportunities to maximize value for shareholders and has engaged with several potential counterparties. Consistent with its fiduciary duties, the board is committed to enhancing shareholder value and regularly reviews the company’s opportunities to advance the best interests of all Playa shareholders.

“Our board and management team regularly review our structure, strategy and opportunities to enhance shareholder value, and we are pleased to enter into exclusive discussions with Hyatt regarding potential strategic options,” said Bruce D. Wardinski, chairman/CEO, Playa Hotels & Resorts. “Hyatt’s interest in our company is a testament to the strength of our business and the dedication of our incredible Playa team. The Playa board and management team will remain open-minded and continue to act in the best interests of all Playa shareholders.”

There can be no assurances that any transaction will result from Hyatt’s exclusive discussions with Playa, or on what terms. The companies do not intend to comment further on these discussions unless and until a definitive agreement has been fully executed.

As required by federal securities laws, Hyatt, which is the beneficial owner of 9.99% of Playa’s outstanding shares, has filed an amendment to its Schedule 13D with the U.S. Securities and Exchange Commission to disclose these discussions.

PJT Partners LP is serving as financial advisor to Playa Hotels & Resorts and Hogan Lovells is serving as legal counsel.

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