Playa Hotels & Resorts N.V. to be Acquired by Hyatt in All-Cash Transaction
Playa Hotels & Resorts (NASDAQ: PLYA) has announced an agreement to be acquired by Hyatt Hotels (NYSE: H) in an all-cash transaction valued at $13.50 per share. The deal represents a 40% premium to Playa's unaffected stock price prior to the disclosure of exclusive discussions with Hyatt.
The acquisition follows a comprehensive review process by Playa to maximize shareholder value, involving engagement with multiple potential counterparties. The transaction, expected to close later in 2024, is subject to Playa shareholder and regulatory approvals, along with other customary closing conditions.
Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts, emphasized the longstanding partnership with Hyatt and highlighted how the combination of Playa's beachfront luxury properties and Hyatt's operational excellence has transformed the all-inclusive experience. PJT Partners LP is serving as financial advisor to Playa, with Hogan Lovells and NautaDutilh N.V. as legal counsel.
Playa Hotels & Resorts (NASDAQ: PLYA) ha annunciato un accordo per essere acquisita da Hyatt Hotels (NYSE: H) in una transazione interamente in contante valutata a 13,50 dollari per azione. L'accordo rappresenta un premio del 40% rispetto al prezzo delle azioni di Playa prima della rivelazione di discussioni esclusive con Hyatt.
L'acquisizione segue un processo di revisione completo da parte di Playa per massimizzare il valore per gli azionisti, che ha coinvolto l'interazione con più controparti potenziali. La transazione, prevista per la conclusione entro la fine del 2024, è soggetta all'approvazione degli azionisti di Playa e delle autorità regolatorie, insieme ad altre condizioni consuete di chiusura.
Bruce D. Wardinski, Presidente e CEO di Playa Hotels & Resorts, ha sottolineato la lunga partnership con Hyatt e ha evidenziato come la combinazione delle proprietà di lusso sulla spiaggia di Playa e l'eccellenza operativa di Hyatt ha trasformato l'esperienza all-inclusive. PJT Partners LP funge da consulente finanziario per Playa, con Hogan Lovells e NautaDutilh N.V. come consulenti legali.
Playa Hotels & Resorts (NASDAQ: PLYA) ha anunciado un acuerdo para ser adquirida por Hyatt Hotels (NYSE: H) en una transacción completamente en efectivo valorada en 13,50 dólares por acción. El acuerdo representa una prima del 40% sobre el precio de las acciones de Playa antes de la revelación de discusiones exclusivas con Hyatt.
La adquisición sigue a un proceso de revisión integral por parte de Playa para maximizar el valor para los accionistas, que implicó la participación con múltiples contrapartes potenciales. La transacción, que se espera cierre a finales de 2024, está sujeta a la aprobación de los accionistas de Playa y de regulaciones, así como a otras condiciones habituales para el cierre.
Bruce D. Wardinski, Presidente y CEO de Playa Hotels & Resorts, enfatizó la larga asociación con Hyatt y destacó cómo la combinación de las propiedades de lujo frente a la playa de Playa y la excelencia operativa de Hyatt ha transformado la experiencia todo incluido. PJT Partners LP actúa como asesor financiero de Playa, con Hogan Lovells y NautaDutilh N.V. como asesores legales.
플라야 호텔 & 리조트 (NASDAQ: PLYA)는 하얏트 호텔 (NYSE: H)에 의해 인수되기로 한 계약을 발표했습니다. 이 거래는 주당 13.50달러로 평가되며, 플라야의 인수 발표 이전 주가에 비해 40%의 프리미엄을 제공합니다.
이번 인수는 플라야가 주주 가치를 극대화하기 위해 여러 잠재적 거래 상대와의 협의를 포함한 포괄적인 검토 과정을 거쳤습니다. 이 거래는 2024년 후반에 완료될 것으로 예상되며, 플라야 주주 및 규제 승인과 기타 통상적인 마감 조건을 충족해야 합니다.
플라야 호텔 & 리조트의 회장 겸 CEO인 브루스 D. 워딘스키는 하얏트와의 오랜 파트너십을 강조하며, 플라야의 해변 고급 리조트와 하얏트의 운영 우수성이 결합되어 올-인클루시브 경험이 어떻게 변화했는지를 강조했습니다. PJT 파트너스 LP는 플라야의 재무 자문 역할을 하며, 호건 러블스와 노타듀틸 N.V.는 법률 자문 역할을 맡고 있습니다.
Playa Hotels & Resorts (NASDAQ: PLYA) a annoncé un accord pour être acquis par Hyatt Hotels (NYSE: H) dans une transaction entièrement en espèces évaluée à 13,50 dollars par action. L'accord représente une prime de 40% par rapport au prix des actions de Playa avant la divulgation de discussions exclusives avec Hyatt.
L'acquisition fait suite à un processus d'examen détaillé par Playa pour maximiser la valeur pour les actionnaires, impliquant l'engagement auprès de plusieurs contreparties potentielles. La transaction, qui devrait se conclure fin 2024, est soumise à l'approbation des actionnaires de Playa et des régulateurs, ainsi qu'à d'autres conditions habituelles de clôture.
Bruce D. Wardinski, Président et CEO de Playa Hotels & Resorts, a souligné le partenariat de longue date avec Hyatt et a mis en avant comment la combinaison des propriétés de luxe en bord de mer de Playa et de l'excellence opérationnelle de Hyatt a transformé l'expérience tout compris. PJT Partners LP sert de conseiller financier pour Playa, avec Hogan Lovells et NautaDutilh N.V. en tant que conseillers juridiques.
Playa Hotels & Resorts (NASDAQ: PLYA) hat einen Vertrag zur Übernahme durch Hyatt Hotels (NYSE: H) angekündigt, der in einer Barzahlung von 13,50 USD pro Aktie bewertet wird. Der Deal stellt eine 40% Prämie gegenüber dem unbeeinflussten Aktienkurs von Playa vor der Bekanntgabe exklusiver Gespräche mit Hyatt dar.
Die Übernahme folgt einem umfassenden Prüfungsprozess von Playa, um den Aktionärswert zu maximieren, in dessen Rahmen mit mehreren potenziellen Gegenparteien verhandelt wurde. Die Transaktion, die voraussichtlich Ende 2024 abgeschlossen werden soll, unterliegt der Genehmigung der Playa-Aktionäre und regulatorischen Genehmigungen sowie anderen üblichen Abschlussbedingungen.
Bruce D. Wardinski, Vorsitzender und CEO von Playa Hotels & Resorts, betonte die langjährige Partnerschaft mit Hyatt und hob hervor, wie die Kombination von Playas luxuriösen Strandimmobilien und Hyatts operativer Exzellenz das All-Inclusive-Erlebnis verwandelt hat. PJT Partners LP fungiert als Finanzberater für Playa, während Hogan Lovells und NautaDutilh N.V. als rechtliche Berater tätig sind.
- All-cash acquisition at $13.50 per share, representing 40% premium to unaffected stock price
- Transaction resulted from a comprehensive review process with multiple potential buyers
- Strategic alignment with existing partner Hyatt Hotels
- Loss of independence and public company status
Insights
This transformative acquisition marks a pivotal moment in the luxury all-inclusive resort sector. The
The transaction's structure reveals several key strategic elements:
- The all-cash nature eliminates post-merger integration risks for Playa shareholders while providing immediate liquidity
- The robust review process involving multiple potential buyers suggests the final price represents true market value
- The existing partnership between Playa and Hyatt should accelerate integration and synergy realization, potentially exceeding typical M&A efficiency targets
- The timing of the deal, expected to close this year, indicates confidence in regulatory approval despite potential antitrust scrutiny
For Hyatt, this acquisition represents a significant expansion in the high-growth all-inclusive luxury segment, particularly strengthening its position in premium beachfront locations. The deal structure suggests Hyatt's strong balance sheet capacity and strategic priority on expanding its resort portfolio. The transaction's success will likely hinge on regulatory approvals and maintaining Playa's operational excellence during the transition period.
This acquisition showcases the accelerating consolidation trend in premium all-inclusive resorts, with major hotel chains recognizing the value of controlling high-end beachfront properties. The deal structure reveals Hyatt's strategic vision to dominate the luxury all-inclusive segment, which has shown resilient growth and increasing consumer demand.
Key operational implications include:
- Enhanced distribution capabilities through Hyatt's global reservation system and loyalty program
- Operational efficiencies through shared corporate services and purchasing power
- Preservation of Playa's successful 'Service from the Heart' culture, important for maintaining guest satisfaction
- Potential for accelerated property upgrades and brand standard alignment
The transaction aligns with broader industry trends toward luxury all-inclusive experiences and signals Hyatt's commitment to expanding its resort portfolio. The retention of Playa's operational expertise suggests a thoughtful approach to integration that prioritizes maintaining service excellence while leveraging Hyatt's global platform for growth.
Provides Attractive
Follows Playa's Deliberate and Comprehensive Review Process to Maximize Value
"We are pleased to enter into this agreement with Hyatt and look forward to delivering the many benefits of the transaction to Playa's shareholders, guests, employees and other stakeholders," said Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts. "Following a deliberate and comprehensive review of opportunities, the Playa Board concluded that the proposed transaction with Hyatt is in the best interest of the Company. As a result of our robust process and engagement with a number of potential counterparties, we are confident that this transaction maximizes shareholder value. The transaction will deliver to Playa shareholders a
Mr. Wardinski continued, "We have a longstanding partnership with Hyatt and their support has been instrumental to Playa's success. The transaction is a testament to the strength of our portfolio and management platform, the remarkable dedication of our team and the incredible value we provide our guests. The combination of Playa's premier beachfront luxury properties, our exceptional resort staff's Service from the Heart, and Hyatt's world-class brand and operational excellence has redefined the all-inclusive experience for discerning travelers. We are pleased that Playa's remarkable resorts will be in excellent hands going forward, continuing to delight guests."
Timing and Approvals
The acquisition is anticipated to close later this year, subject to Playa shareholder and regulatory approval as well as other customary closing conditions.
PJT Partners LP is serving as financial advisor to Playa Hotels & Resorts and Hogan Lovells and NautaDutilh N.V. are serving as legal counsel.
About Playa Hotels & Resorts N.V.
Playa Hotels & Resorts N.V., through its subsidiaries (NASDAQ: PLYA, "Playa"), is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in
For additional information visit investors.playaresorts.com.
Additional Information and Where to Find It
The tender offer for the outstanding ordinary shares of Playa Hotels & Resorts N.V. ("Playa") referenced herein has not yet commenced. This communication is not a recommendation, an offer to purchase or a solicitation of an offer to sell ordinary shares of Playa or any other securities. This communication may be deemed to be solicitation material in respect of the EGM Proposals (defined below). At the time the tender offer is commenced, Hyatt Hotels Corporation ("Hyatt") will file with the Securities and Exchange Commission (the "SEC") a Tender Offer Statement on Schedule TO, and Playa will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. Playa also intends to file with the SEC a proxy statement in connection with an extraordinary general meeting of shareholders of Playa, at which the Playa shareholders will vote on certain proposed resolutions (the "EGM Proposals") in connection with the transactions referenced herein, and will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the extraordinary general meeting. SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT (INCLUDING THE OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS), THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 AND THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO ANY OF THE FOREGOING) WHEN SUCH DOCUMENTS BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF PLAYA'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR ORDINARY SHARES OR MAKING ANY VOTING DECISION. Shareholders can obtain these documents when they are filed and become available free of charge from the SEC's website at www.sec.gov. Copies of the documents filed with the SEC by Hyatt will be available free of charge on Hyatt's website, investors.hyatt.com, or by contacting Hyatt's investor relations department at investorrelations@hyatt.com. Copies of the documents filed with the SEC by Playa will be available free of charge on Playa's website, investors.playaresorts.com, or by contacting Playa's investor relations department at ir@playaresorts.com. In addition, Playa shareholders may obtain free copies of the tender offer materials by contacting the information agent for the tender offer that will be named in the Tender Offer Statement on Schedule TO.
Participants in the Solicitation
Playa, its directors and executive officers and other members of its management and employees, as well as Hyatt and its directors and executive officers, may be deemed to be participants in the solicitation of proxies from Playa's shareholders in connection with the EGM Proposals. Information about Playa's directors and executive officers and their ownership of Playa's ordinary shares is set forth in the proxy statement for Playa's 2024 annual general meeting of shareholders, which was filed with the SEC on April 22, 2024. Information about Hyatt's directors and executive officers is set forth in the proxy statement for Hyatt's 2024 annual meeting of shareholders, which was filed with the SEC on April 4, 2024. Shareholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the EGM Proposals, including the interests of Playa's directors and executive officers in the transaction, which may be different than those of Playa's shareholders generally, by reading the proxy statement and other relevant documents regarding the transaction which will be filed with the SEC.
Forward-Looking Statements
This communication contains "forward-looking statements," as defined by federal securities laws. Forward-looking statements reflect Playa's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward looking statements. Forward-looking statements include, without limitation, statements regarding the proposed transaction, including the benefits of the proposed transaction; filings and approvals relating to the proposed transaction; the expected timing of the completion of the proposed transaction; the ability to complete the proposed transaction considering the various closing conditions; and the accuracy of any assumptions underlying any of the foregoing. Such forward-looking statements are subject to various risks and uncertainties, including uncertainties as to the timing of the tender offer and other proposed transactions; uncertainties as to how many of Playa's shareholders will tender their shares in the offer or approve the resolutions to be solicited at the extraordinary general meeting of Playa's shareholders; the possibility that various closing conditions for the proposed transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement with Hyatt; the effects of the proposed transaction (or the announcement thereof) on relationships with employees, customers, other business partners or governmental entities; transaction costs; the risk that the proposed transaction will divert management's attention from Playa's ongoing business operations; changes in the Company's businesses during the period between now and the closing; risks associated with litigation; and other risks and uncertainties detailed from time to time in documents Playa files with the SEC, including those described under the section entitled "Risk Factors" in Playa's Annual Report on Form 10-K, filed with the SEC on February 22, 2024, as such factors may be updated from time to time in Playa's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Playa's filings with the SEC. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Playa disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this communication, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements).
For further information: Playa Hotels & Resorts N.V., Pedram Saif, SVP, IR & Strategy, 571-529-6014, ir@playaresorts.com
Media Contact:
Andrew Siegel / Tim Ragones / Charlotte Burch
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE Playa Hotels & Resorts N.V.
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