by Donald Wood
Last updated: 8:25 AM ET, Mon December 23, 2024
Playa Hotels & Resorts N.V.
announced on Monday that it had executed an exclusivity agreement with Hyatt
Hotels Corporation, under which Playa has agreed to negotiate exclusively regarding
the potential acquisition of the Playa brand by Hyatt.
The exclusivity agreement will remain in place until the
execution of a definitive agreement for such transaction or 11:59 p.m. New York
City time on February 3, 2025.
Playa’s Board of Directors has been evaluating opportunities
to maximize shareholder value and has engaged with several potential
counterparties. Consistent with its fiduciary duties, the Board regularly
reviews 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,” Playa Chairman and CEO Bruce D. Wardinski said.
“Hyatt's interest in our company is a testament to the
strength of our business and the dedication of our incredible Playa team,” Wardinski
continued. “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 assurance that Playa and Hyatt will enter
into a definitive agreement for a potential transaction, and there is no
assurance as to the form, terms, or timing of any transaction, even if an
agreement is reached between the parties.
Last week, Playa announced that reservations are officially
open for Wyndham
Alltra Punta Cana, its newest managed all-inclusive property, for stays
beginning April 1, 2025.
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