Global hospitality company Hyatt Hotels has started a cash tender offer for all outstanding shares of Playa Hotels & Resorts.

The offer is to acquire all outstanding shares of Playa Hotels & Resorts at $13.50 per share, less any applicable withholding taxes and without interest.

The tender offer, which is set to expire at 5pm New York City Time on 25 April 2025, is aligned with the purchase agreement dated 9 February 2025.

Earlier this month, Hyatt Hotels and Playa Hotels & Resorts announced that negotiations, including the potential acquisition of Playa by Hyatt, are set to continue under an extended period of exclusivity.

The agreement between the two parties was initially disclosed in December 2024.

Following this, the hospitality group agreed to acquire Playa Hotels & Resorts for $2.6bn, including approximately $900m in debt, aiming to strengthen its presence in the all-inclusive resort market in Mexico, the Dominican Republic, and Jamaica.

Hyatt's indirect wholly owned subsidiary HI Holdings Playa is facilitating the tender offer, which is subject to various conditions, including minimum tender requirements and regulatory approvals.

Hyatt will file a tender offer statement with the US Securities and Exchange Commission (SEC), detailing the offer's specifics. Concurrently, Playa will file a Schedule 14D-9 with the SEC, which will include its Board of Directors' recommendation for shareholders to accept the tender offer.

The acquisition’s completion, which is expected to close later this year, is subject to shareholder and regulatory approvals, along with other customary closing conditions.