Playa sells one hotel, plans new Hyatt Ziva in Mexico

Playa Hotels & Resorts has entered into a binding agreement with a third party to sell the Capri Hotel, formerly the Secrets Capri in Mexico's Riviera Maya, for a total consideration of $55 million in cash.

Upon closing, Playa expects to execute a management contract and will operate the resort once it reopens after repositioning and renovation. The third party purchasing the hotel expects to simultaneously sign a franchise agreement with another brand upon closing.

The sale of the Capri Hotel is subject to customary closing conditions. The company expects the transaction to close in the second quarter of 2021.

New Development

Playa also has signed a hotel management agreement with the same third party for a 438-room hotel in the Riviera Maya that is under renovation and expected to open during the third quarter of 2021 as the Hyatt Ziva Riviera Cancun. 

When it opens, the Hyatt Ziva Riviera Cancun will have several restaurants, multiple swimming pools, a spa inspired by pre-Hispanic Mayan culture with 12 indoor and eight outdoor treatment rooms and a fitness center. Additionally, the property will have more than 15,000 square feet of meeting and event space.

The Hyatt Ziva Riviera Cancun, situated between Playa del Carmen and the Cancun Hotel Zone approximately 30 minutes from Cancun International Airport, will bring the total number of Hyatt Ziva resorts to six across Mexico and the Caribbean. 

In early March, Playa added The Yucatan Resort Playa del Carmen, Tapestry Collection by Hilton to its managed resort portfolio.

"These management contracts are a capital-light step forward on our path to operating a fully branded portfolio of all-inclusive resorts," said Bruce Wardinski, chairman and CEO of Playa Hotels & Resorts. "We are looking forward to working with our new owner partner and once the resorts reopen we will focus on what we do best: deliver unparalleled service from the heart."