Playa Hotels & Resorts N.V. Announces the Sale of Jewel Palm Beach

Rhea-AI Summary

Playa Hotels & Resorts N.V. (NASDAQ: PLYA) has announced a binding agreement to sell the Jewel Palm Beach resort for $68 million in cash. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. Playa, a leading owner and operator of all-inclusive resorts, currently manages a portfolio of 25 resorts with 9,127 rooms across Mexico, Jamaica, and the Dominican Republic. The company partners with globally recognized hospitality brands, including Hyatt, Hilton, Wyndham, and Kimpton, to provide exceptional guest experiences and value.

Positive

• Sale of Jewel Palm Beach resort for $68 million in cash
• Expected closing of the transaction in Q3 2024
• Portfolio of 25 resorts with 9,127 rooms across prime beachfront locations
• Partnerships with major hospitality brands like Hyatt, Hilton, and Wyndham

Negative

• Sale is subject to customary closing conditions, with no assurances of completion

News Market Reaction – PLYA

+0.79%

1 alert

+0.79% News Effect

On the day this news was published, PLYA gained 0.79%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

FAIRFAX, Va., Aug. 26, 2024 /PRNewswire/ -- Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (the "Company") today announced that it has entered into a binding agreement with a third party to sell the Jewel Palm Beach for a total consideration of $68 million in cash.

The sale of the resort is subject to customary closing conditions, and the Company offers no assurances that this sale will be completed. The Company expects the transaction to close in the third quarter of 2024.

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 Mexico, Jamaica and the Dominican Republic. Playa currently owns and/or manages a total portfolio consisting of 25 resorts (9,127 rooms) under the following brands: Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Seadust, Kimpton, Jewel Resorts and The Luxury Collection. Playa leverages years of all-inclusive resort operating expertise and relationships with globally recognized hospitality brands to provide a best-in-class experience and exceptional value to guests, while building a direct relationship to improve customer acquisition cost and drive repeat business. For more information, please visit www.playaresorts.com.

Forward-Looking Statements

This press release contains "forward-looking statements," as defined by federal securities laws. Forward-looking statements reflect our 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. Such forward-looking statements are subject to various risks and uncertainties, 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 our 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. The Company 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 press release, 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 additional information visit investors.playaresorts.com.

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SOURCE Playa Management USA, LLC

FAQ

What is the sale price of Jewel Palm Beach resort announced by Playa Hotels & Resorts (PLYA)?

Playa Hotels & Resorts (PLYA) announced the sale of Jewel Palm Beach resort for $68 million in cash.

When is the expected closing date for Playa Hotels & Resorts' (PLYA) sale of Jewel Palm Beach?

The sale of Jewel Palm Beach by Playa Hotels & Resorts (PLYA) is expected to close in the third quarter of 2024.

How many resorts and rooms does Playa Hotels & Resorts (PLYA) currently own or manage?

Playa Hotels & Resorts (PLYA) currently owns and/or manages a portfolio of 25 resorts with a total of 9,127 rooms.

In which countries does Playa Hotels & Resorts (PLYA) operate its resorts?

Playa Hotels & Resorts (PLYA) operates resorts in Mexico, Jamaica, and the Dominican Republic.