The first half of 2025 was a busy one for Hyatt Hotels Corp. Days before the second quarter came to a close, Hyatt completed the $2.6 billion acquisition of Playa Hotels & Resorts, an owner, operator and developer of all-inclusive resorts in Mexico, the Dominican Republic and Jamaica. The company then entered into a definitive agreement to sell the entirety of Playa’s owned real estate portfolio for $2 billion to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners and Rodina.
Concurrent with the sale, which is expected to close before the end of 2025, the company will enter into 50-year management agreements for 13 of the 15 resorts. According to Hyatt’s official Q2 earnings statement, the company is required to use the proceeds from the Playa Real Estate Transaction to repay the $1.7 billion delayed draw term loan used to fund a portion of the Playa Hotels Acquisition.
“The Playa transactions, including the agreement to sell the entirety of Playa’s real estate portfolio, reinforce our commitment to our asset-light business model and solidifies our leadership in the fast-growing luxury all-inclusive segment,” Mark S. Hoplamazian, president and chief executive officer of Hyatt, said in the statement. “The acquisition and planned disposition of the Playa real estate portfolio, at an attractive multiple, allows us to once again create highly durable fees and long term value for shareholders.”
Financials
Comparable systemwide hotels revenue per available room increased 1.6 percent compared to the second quarter of 2024. At the same time, net income was -$3 million and adjusted net income was $66 million.
Notably, hotels in Hyatt’s luxury chain scales drove RevPAR growth during the quarter while select-service hotels in the United States reported RevPAR decline compared to the second quarter of 2024.
Adjusted earnings before interest, taxes, depreciation and amortization was $303 million, a decrease of 1.1 percent compared to the second quarter of 2024, or an increase of 9 percent after adjusting for assets sold in 2024.
Rooms Growth
Hyatt’s pipeline of executed management or franchise contracts was approximately 140,000 rooms, an increase of approximately 8 percent compared to the second quarter of 2024
During the second quarter, the company opened 8,920 rooms, including approximately 2,600 rooms associated with the Playa Hotels Acquisition. Notable openings included the Hyatt Regency Zadar, Hyatt's first property in Croatia; Dreams Rose Hall Resort & Spa; Zélia Halkidiki, a Destination by Hyatt hotel; and AluaSoul Sunny Beach.
The company also announced a new upscale brand, Unscripted by Hyatt, which will focus on adaptive reuse and conversion-friendly opportunities.
Full Year 2025 Outlook
The following metrics do not include the impact of the Playa Hotels Acquisition and the pending Playa Real Estate Transaction.
- Comparable system-wide hotels RevPAR growth is projected between 1 percent to 3 percent compared to the full year 2024
- Net rooms growth excluding acquisitions is projected between 6 percent to 7 percent compared to the full year 2024
- Net income is projected between $135 million and $165 million
- Adjusted EBITDA is projected between $1,085 million and $1,130 million, an increase of 7 percent to 11 percent after adjusting for assets sold in 2024, compared to the full year 2024