- Hyatt Hotels (NYSE:H) announces a full redemption of its $290M investment in Playa Hotels & Resorts B.V..
- Playa is combining with Pace Holdings Corp. (PACE). Hyatt will hold an equity stake of 11.57% in Playa Hotels & Resorts N.V., the emerging company from the merger.
- "We have been very pleased with our common and preferred equity investment in Playa," notes Hyatt CEO Mark Hoplamazian. "In addition to providing a solid economic return, the investment provided Hyatt entry into the all inclusive market, the opportunity to launch the Hyatt Ziva and Hyatt Zilara brands, and a long-term presence in six open and operating hotels comprising 2,401 rooms in key resort locations for our guests," he adds.