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, ir@playaresorts.com
Media Contact:
Andrew Siegel / Tim Ragones / Dylan
O'Keefe
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Playa Hotels & Resorts N.V.
