Playa Hotels & Resorts N.V. (NASDAQ: PLYA) today announced that it has completed the sale of the Capri Hotel for a total consideration of $55 million in cash. In conjunction with the closing of the transaction, the new owner has signed a franchise agreement with Hyatt Hotels to rebrand the resort as the Hyatt Zilara Riviera Maya following renovations.
“We are incredibly thrilled to be adding the Hyatt Zilara Riviera Maya to our managed resort portfolio, alongside our other category-defining Hyatt All-Inclusive resorts,” said Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts. “I am excited to watch this resort achieve its full potential following its repositioning and branding, driving value for our new partners, associates and shareholders.”
The transaction increased the Company’s liquidity by approximately $48.8 million, reflecting the $55 million consideration net of customary closing costs.
Proceeds from the sale of the resort will be utilized for general business purposes and reducing the Company’s outstanding debt.