Above: The Royal hotel in Cancun
By the Caribbean Journal staff
A Hyatt subsidiary has closed on a deal to invest in Playa Hotels & Resorts, part of the company’s plan to operate and develop a series of all-inclusive resorts in the Caribbean and Mexico.
The company said the deal “allows Hyatt to increase its resort presence in Latin America and the Caribbean and create long-term value by providing a platform for future growth, as well as strong returns from common and preferred interests and recurring franchise fees.”
The Playa portfolio will include 13 properties and a total of 5,800 rooms in the Dominican Republic, Jamaica and Mexico.
Hyatt will be entering into a franchise agreement with six of the 13 resorts, which will operate as Hyatt properties.
Playa will have “certain exclusive rights” to operate Hyatt-branded resorts in the region through 2016.
The company said the first two Hyatt-branded resorts will be introduced later this year following renovations.
The properties will include the Barceló Los Cabos and THE ROYAL Cancún.