by Donald Wood
Last updated: 8:00 AM ET, Mon February 3, 2025
Playa is the management partner for the first-ever all-inclusive resort for the Kimpton brand. (Photo Credit: Playa Hotels)
Playa Hotels & Resorts N.V. confirmed on Monday that it
had agreed to extend the exclusivity agreement with the Hyatt Hotels
Corporation to 11:59 p.m. ET on February 10, 2025.
Playa and Hyatt previously announced the exclusivity
agreement regarding discussions between the companies for potential
strategic options, which may include the acquisition of Playa by Hyatt.
PJT Partners LP is serving as financial advisor to Playa
Hotels & Resorts, and Hogan Lovells is serving as legal counsel.
Playa officials revealed no assurance that Hyatt will enter
a definitive agreement for a potential transaction. The statement also said
there “is no assurance as to the form, terms, or timing of any transaction even
if an agreement is reached between the parties.”
Playa does not intend to comment further on the potential
deal, unless and until it “otherwise deems further disclosure is appropriate or
required.”
In December, Playa Chairman and CEO Bruce D. Wardinski
released the following statement:
“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.”
“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.”
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