Hyatt Hotels has made a huge acquisition to expand its international presence and boost its luxury offerings. Today, the hospitality giant announced plans to acquire Playa Hotels & Resorts for $2.6 billion, or $13.50 per share. That represents a four percent premium from Playa's closing price of $12.94 per share on Friday.
Hyatt said that the deal could allow it to strike long-term management deals for its luxury Zilara and Ziva brands. Those resort offerings are located in Jamaica, the Dominican Republic, and Mexico. All of those areas are where Playa operates, which amounts to 24 total locations.
The move will also give more perks to Playa guests with Hyatt incorporating its distribution channels, ALG Vacations and Unlimited Vacation Club.
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