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(Reuters) – Hyatt Hotels (H) is in exclusive talks regarding a potential takeover of Playa Hotels & Resorts (PLYA) N.V. among other strategic options for the $1.2 billion resort operator, the companies said on Monday.
Playa’s shares rose about 11% before the bell, while Hyatt’s stock price gained 1%.
Playa, which runs 24 high-end, all-inclusive resorts across Mexico, said its board has been evaluating opportunities and has engaged with a number of potential counterparties.
The exclusive talks with Hyatt, which has a 9.99% stake in Playa, will run through Feb. 3 or until a deal is struck, Playa said, cautioning there was no guarantee of any transaction.
Playa is already in a partnership with Hyatt, through which it operates resorts under the Hyatt Ziva and Hyatt Zilara brands. Its market value is $1.2 billion, per LSEG data.
“Strategic alternatives under consideration could have compelling strategic merit to add new incremental durable fee streams,” Chicago, Illinois-based Hyatt said, although it added it was committed to its asset-light business model.
Companies in the hospitality sector are navigating challenges in global travel demand as American and Chinese consumers remain cautious of macroeconomic trends.
PJT Partners LP is Playa’s financial advisor and Hogan Lovells is its legal counsel.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Pooja Desai and Savio D’Souza)
