Playa Expands from Resort Investment and Development and Adds Resorts Management Company
Playa to be the Hospitality Management Company for Hyatt's New All-Inclusive Brands
Playa Adds Real Resorts to its Portfolio
FAIRFAX, Va., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Playa Hotels & Resorts B.V. (the "Company" or "Playa") today announces the creation of Playa Resorts Management, a subsidiary of Playa. The news comes as the Company has recently finalized its relationship with an affiliate of Hyatt Hotels Corporation to be the first franchisee and initial management company for Hyatt's new all inclusive brands: Hyatt Zilara, which will inspire adults to embrace new discoveries through activity-driven experiences; and Hyatt Ziva, which will capture the fun and vitality of a vacation, encouraging families to celebrate life's pleasures and foster lasting connections. Playa has exclusive rights to own and operate Hyatt Zilara and Hyatt Ziva resorts in five Caribbean and Latin American countries through 2018.
In addition, Playa has added to its portfolio of owned and managed assets Real Resorts' four all-inclusive properties: THE ROYAL Cancun and THE ROYAL Playa del Carmen, as well as the Gran Caribe Real Cancun and Gran Porto Real Playa del Carmen. THE ROYAL Cancun will be rebranded as Hyatt Zilara Cancun in November 2013. Playa also owns the Barceló Los Cabos Palace Deluxe resort, which will be rebranded as Hyatt Ziva Los Cabos in November 2013. Additional Hyatt Zilara and Hyatt Ziva branded all-inclusive resorts will be introduced in 2014 and 2015.
Presently Playa's portfolio includes 13 resorts totaling approximately 5,800 rooms across the Dominican Republic, Mexico and Jamaica. In addition to Hyatt Zilara Cancun and Hyatt Ziva Los Cabos, affiliates of Hyatt and subsidiaries of the Company have entered into franchise agreements for four additional Hyatt Zilara and Hyatt Ziva resorts totaling approximately 2,800 rooms. Playa will also own and manage all-inclusive resorts under the well-established Mexican brands THE ROYAL and Gran.
"Playa's entry into all-inclusive resort management has been a long term goal of our company since its creation in 2006 as an investment and development company," said Bruce Wardinski, CEO of Playa Hotels & Resorts B.V. "The agreement with Hyatt provides the perfect platform for launching our new management company." Wardinski added, "Under the operational leadership of Playa Resorts Management's CEO, and industry veteran, Alex Stadlin, we have the executive management expertise to build a leading international collection of all-inclusive resorts. Our plans call for having upscale all-inclusive adult-only brands, as well as all-inclusive family oriented resorts. Over the past seven years we have seen the all-inclusive market grow and gain great appeal for sophisticated travelers seeking the convenience and ease of an all-inclusive vacation. We believe the market is ready for Hyatt, a leading world renowned brand, to enter this segment with great success."
About Playa Hotels & Resorts:
Playa Hotels & Resorts B.V. ("Playa") is a leading owner, operator and developer of all-inclusive beach resorts. Playa's portfolio consists of a collection of 13 premier resorts comprising 5,805 rooms that are located in prime beach locations in Mexico, the Dominican Republic and Jamaica. Playa's portfolio includes four resorts located in the heart of Cancún and Playa Del Carmen, Mexico that are currently managed by Playa Resorts Management under Playa's brands, THE ROYAL and Gran, seven resorts located in leading destinations in Mexico and Dominican Republic that are managed by AMResorts under their Dreams and Secrets brands and one property situated on an irreplaceable site in Los Cabos Mexico that is currently managed by Barceló. Playa's thirteenth property is situated in Rose Hall, Jamaica in Montego Bay and will be re-opened in spring 2014 following a major renovation and expansion. Under an agreement with an affiliate of Hyatt Hotels Corporation (NYSE:H), Playa will pursue the acquisition or development of new all-inclusive resort opportunities under two new Hyatt all-inclusive brands—Hyatt Ziva and Hyatt Zilara. Playa will also have certain rights to operate Hyatt-branded all-inclusive resorts in five Latin American and Caribbean countries on an exclusive basis through 2018. For more information visit: www.playaresorts.com.
Note: Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Certain, but not necessarily all, of such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "estimates" or "anticipates" or the negative thereof or comparable terminology. All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual transactions, results, performance or achievements of the Company to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements. These may include: (i) national and local economic and business conditions or governmental regulations that will affect demand.