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Hotels & Resorts beach confirmed today that he has signed an agreement with Hyatt Hotels Corporation under which an indirect subsidiary of total property of Hyatt will acquire all beach in circulation actions for $ 13.50 By cash action.
«We are pleased to hold this agreement with Hyatt and we hope to deliver the many benefits of the transaction to shareholders, guests, employees and other beach parties“, said Bruce D. Wardinski President and CEO of Playa Hotels & Resorts.
«After a deliberate and exhaustive review of the opportunities, the beach board concluded that the transaction proposed with Hyatt is the best for the company. As a result of our solid process and commitment to a series of potential counterparts, we are sure that this transaction maximizes the value for shareholders. The transaction will deliver to the beach shareholders a 40% premium at the price of the company's unqualified shares before the dissemination of exclusive discussions with Hyatt.“
Mr. Wardinski continued, «TWe have a long -standing association with Hyatt and its support has been fundamental for beach success. The transaction is a testimony of the strength of our portfolio and management platform, the remarkable dedication of our team and the incredible value we provide to our guests. The combination of the main luxury properties in front of the beach sea, our exceptional resort staff Service from the heart and the world -class brand and Hyatt's operational excellence have redefined the all -inclusive experience for the most demanding travelers. We are pleased that the notable beach resorts are in excellent hands in the future, continuing to delight guests.“
Time and approvals
The acquisition is expected to close at the end of this year, subject to the approval of the shareholders and beach regulatory, as well as to other usual closure conditions.
PJT Partners LP works as a financial advisor at Playa Hotels & Resorts and Hogan Lovells and Nauta Dutilh NV are served as legal advisors.
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