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  "documentTitle": "2025 06 Playa Acquisition",
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      "text": "Playa Hotels Acquisition: On February 9, 2025, we agreed to acquire all of the outstanding shares of Playa Hotels & Resorts N.V. for an enterprise value of approximately $2,600 million.",
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      "text": "Delayed Draw Term Loan: On April 11, 2025, the Company entered into a credit agreement with a syndicate of lenders for a $1.7 billion delayed draw term loan facility.",
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      "text": "Asset-Light Earnings Mix: Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations.",
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      "text": "Playa Real Estate Transaction: On June 29, 2025, the Company signed a purchase and sale agreement to sell the entirety of Playa Hotels & Resorts N.V.'s owned real estate portfolio for $2.0 billion.",
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      "text": "DEFINITIONS",
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