Playa Motels & Resorts N.V. Announces the Sale of the Capri Resort and New Lodge Administration Contracts
FAIRFAX, Va., April 19, 2021 /PRNewswire/ — Playa Lodges & Resorts N.V. (NASDAQ: PLYA) (the “Company”) now announced that it has entered into a binding arrangement with a 3rd bash to promote the Capri Hotel for a full consideration of $55 million in income. Upon closing, the Company expects to execute a management contract and will work the vacation resort at the time it reopens just after repositioning and renovation. The third social gathering purchasing the lodge expects to at the same time signal a franchise agreement with a globally recognized brand name on closing.
The Enterprise has also signed a hotel management arrangement with the exact same 3rd occasion for a 438-room luxury lodge in Riviera Maya, Mexico that is currently beneath renovation and expected to open for the duration of the third quarter of 2021 as the Hyatt Ziva Riviera Cancun.
“These management contracts are a capital-light move forward on our path to running a thoroughly branded portfolio of all-inclusive resorts,” said Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts. “We are wanting ahead to performing with our new operator spouse and once the resorts reopen we will concentration on what we do best: produce unparalleled Provider from the Coronary heart.”
“We are particularly happy to announce this strategic transaction, which is a milestone confirming resort owners’ interest in tested, branded all-inclusive resorts managed by Playa,” explained Fernando Mulet, EVP and Chief Progress Officer. “These resorts are significant high-quality additions to our excellent portfolio of managed resorts that will additional leverage our existing infrastructure and expertise.”
The sale of the Capri Hotel is subject matter to customary closing circumstances, and the Company gives no assurances that this sale will be done. The Organization expects the transaction to close in the next quarter of 2021.
About Playa Motels & Resorts N.V.
Playa Motels & Resorts N.V. (NASDAQ: PLYA, “Playa”) is a primary owner, operator and developer of all-inclusive resorts in key beachfront spots in well-liked family vacation places in Mexico and the Caribbean. Playa owns and/or manages a full portfolio consisting of 21 resorts (7,927 rooms) found in Mexico, Jamaica, and the Dominican Republic. Playa leverages many years of all-inclusive resort running experience and interactions with globally identified hospitality brands to deliver a greatest in course experience and exceptional worth to our visitors, when making a immediate relationship to increase buyer acquisition price and push repeat business. Playa owns and manages 17 resorts (6,295 rooms) positioned throughout Mexico, Jamaica and the Dominican Republic. Playa also owns two resorts in the Dominican Republic that are managed by a third social gathering and manages two resorts on behalf of third-bash homeowners. For additional information and facts, remember to check out www.playaresorts.com.
Forward-Wanting Statements
This press release is made up of ”forward-on the lookout statements,” as described by federal securities laws. Forward-wanting statements mirror Playa’s present expectations and projections about long term gatherings at the time, and thus require uncertainty and hazard. The terms “think,” “assume,” “anticipate,” “will,” “could,” “would,” “must,” “may perhaps,” “plan,” “estimate,” “intend,” “predict,” “prospective,” “keep on,” and the negatives of these phrases and other related expressions normally determine forward searching statements. This kind of forward-wanting statements are subject to a variety of challenges and uncertainties, such as these explained less than the area entitled “Risk Things” in Playa’s Yearly Report on Sort 10-K, filed with the SEC on March 4, 2021, as such variables could be current from time to time in Playa’s periodic filings with the SEC, which are accessible on the SEC’s web site at www.sec.gov. Appropriately, there are or will be important aspects that could bring about actual results or final results to differ materially from people indicated in these statements. These aspects must not be construed as exhaustive and should be go through in conjunction with the other cautionary statements that are incorporated in this launch and in Playa’s filings with the SEC. Presently, some of the most considerable components that could result in true outcomes to differ materially from our forward-looking statements are the adverse results of the present-day COVID-19 pandemic on our monetary condition, liquidity, effects of functions and prospective clients, reductions in assistance by the airways that service the destinations the place we individual resorts, the short and for a longer time-time period demand for vacation, the global economic climate and the regional economies in which we possess resorts, and the monetary markets. The extent to which the COVID-19 pandemic will continue to impact us and purchaser actions will depend on long run developments, which are remarkably uncertain and are not able to be predicted with self confidence, like the scope, severity and period of the pandemic, continuing resurgences of the pandemic, federal government steps taken to include the pandemic or mitigate its impact, the velocity, performance and distribution of vaccines and cure therapies, and the direct and oblique economic results of the pandemic and containment measures, including the magnitude of its effect on unemployment costs and buyer discretionary paying, among the other individuals. Although forward-searching statements reflect Playa’s great religion beliefs, they are not guarantees of potential overall performance. Playa disclaims any obligation to publicly update or revise any forward-on the lookout assertion to mirror adjustments in fundamental assumptions or variables, new information, information or strategies, long term events or other modifications after the day of this push release, except as demanded by relevant law. You need to not area undue reliance on any forward-on the lookout statements, which are centered only on details presently out there to Playa (or to third parties generating the forward-wanting statements).
For extra details take a look at buyers.playaresorts.com.
Source Playa Management United states, LLC
