by Donald Wood
Last updated: 5:17 PM ET, Tue December 13, 2016
On Tuesday, private equity firm TPG, Pace Holdings Corp, and a blank-check company announced that they would be purchasing resort owner Playa Hotels & Resorts BV and creating a publicly listed company.
Officials claim the new company will be valued at around $1.75 billion.
According to the Wall Street Journal, Playa Hotels & Resorts is the current owner of 13 resorts in Mexico, the Dominican Republic and Jamaica, as well as operating six Hyatt Hotels resorts in Mexico and Jamaica.
The new publicly listed company will continue using the Playa Hotels & Resorts name and CEO Bruce Wardinski will remain the man in charge moving forward. The deal is expected to be completed by the first quarter of 2017.
Right away, TPG's Pace Holdings will provide $450 million of capital for the resort company, which will help the brands strength their balance sheets, pursue acquisitions and enhance distribution.
"There are amazing opportunities in the all-inclusive segment," Wardinski said in a statement.
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