Just two weeks after acquiring Playa Hotels & Resorts, Hyatt Hotels announced a deal to sell the real estate portfolio of the all-inclusive resort brand for $2 billion, retaining its asset-light strategy.

Hyatt said on Monday it plans to sell 15 resorts in Mexico and the Caribbean to Tortuga Resorts, a joint venture between private equity firm KSL Capital Partners and investment group Rodina.

Hyatt acquired Playa in a $2.6 billion transaction on June 17. After selling the real estate, Hyatt’s net cost to become the manager of Playa's resorts will be about $555 million.

Hyatt will retain the management side of the business, entering into 50-year agreements for 13 of the 15 properties being sold. The two remaining resorts will exit Hyatt’s system due to brand alignment issues.

Hyatt will also retain $200 million in preferred equity and is eligible for an additional $143 million earnout tied to performance metrics.

The hotel group expects the Playa real estate sale to close by year’s end, pending regulatory approval in Mexico. It also expects to generate $60-$65 million in EBITDA in 2027 from the retained assets.

KSL Capital and Rodina have signaled they plan to invest additional capital into the newly acquired properties, but terms of that plan have not been disclosed.

The move reinforces Hyatt’s ongoing strategy to reduce ownership of hotel real estate.

Why the asset-light strategy? Franchise fees and management contracts scale with demand but don't crater when occupancy plunges. Hotel real estate, by contrast, requires ongoing maintenance regardless of the number of guests staying.

Hyatt has spent 15 years shedding bricks and mortar. It now derives over 80% of earnings from asset-light operations, up from 40% when it went public in 2009.

The asset-light model is "more durable and predictable through economic cycles," said Hyatt's president and CEO, Mark Hoplamazian, during the company’s first-quarter earnings call.

The asset sales have also often been lucrative thanks to timing. Since 2017, Hyatt has conducted $5.6 billion in asset sales at an average 15x multiple, said Joan Bottarini, the company’s chief financial officer, last year.

Hyatt’s evolving brand portfolio reflects a strategic push to capture every traveler type, blending upscale heritage with nimble, select-service offerings built for scale, local relevance, and global reach.

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The real estate sale is likely to be viewed positively by investors because it will address concerns about Playa’s asset-heavy model and the use of debt.