FAIRFAX, Va., Dec. 23, 2024 /PRNewswire/ -- Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (the "Company" or "Playa") today confirmed it has executed an exclusivity agreement with Hyatt Hotels Corporation (NYSE: H) ("Hyatt") under which Playa has agreed to negotiate exclusively with Hyatt regarding potential strategic options, which may include the acquisition of the Company 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 February 3, 2025.
Playa's Board of Directors has been evaluating opportunities to maximize value for shareholders and has engaged with a number of 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 and CEO of 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 assurance that the Company 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. The Company does not intend to comment further, unless and until it otherwise deems further disclosure is appropriate or required.
PJT Partners LP is serving as financial advisor to Playa Hotels & Resorts and Hogan Lovells is 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 Mexico, Jamaica and the Dominican Republic. Playa currently owns and/or manages a total portfolio consisting of 24 resorts (8,627 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.
For additional information visit investors.playaresorts.com.
Forward-Looking Statements
This press release contains "forward-looking statements," as defined by federal securities laws, including statements regarding the Company's consideration of strategic options and related negotiations and the expiration of the exclusivity agreement. 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 further information: Playa Hotels & Resorts N.V., Pedram Saif, SVP, IR & Strategy, 571-529-6014, [email protected]
Media Contact:
Andrew Siegel / Tim Ragones / Dylan O'Keefe
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
SOURCE Playa Hotels & Resorts N.V.
