Hyatt, Playa Sign Agreement To Negotiate On Acquisition; Playa's Stock Up

Playa Hotels & Resorts

12.67 USD 2.26%

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(RTTNews) - Playa Hotels & Resorts N.V. (PLYA) shares are 11% higher in the premarket trading, after Hyatt Hotels Corporation (H), along with owner, operator, and developer of resorts, Playa Hotels, announced on Monday that they have signed an agreement to negotiate potential strategic options, which could include Hyatt possibly acquiring Playa.

The companies have stated that there is no guarantee about the completion of the deal or the financial terms.

The exclusivity agreement will last until either a final deal is signed or 11:59 p.m. New York time on February 3, 2025.

In a statement, Playa says its Board of Directors has been exploring ways to increase value for shareholders and has been in discussions with various potential partners. The Board, fulfilling its responsibilities, is focused on benefiting shareholders and regularly evaluates opportunities to serve their best interests.

President and CEO of Hyatt Mark Hoplamazian, said, "Strategic alternatives under consideration could have compelling strategic merit to add new incremental durable fee streams for Hyatt."

Chairman and CEO of Playa Bruce Wardinski, said "Hyatt's interest in our company is a testament to the strength of our business and the dedication of our incredible Playa team."

Friday, H had closed 3.03% higher at $159.84 on the New York Stock Exchange. In the pre-market trading, H is 0.51% less at $159.03.

Friday, PLYA had closed 0.84% higher at $9.61 on the Nasdaq. In the pre-market trading, PLYA is 10.82% higher at $10.65.