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  "documentTitle": "2025 06 Playa Acquisition",
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      "text": "Sales price represents a multiple of approximately 8x 2024 Adjusted EBITDA†, after normalizing for Hyatt management fees and reimbursed costs\nHyatt can achieve a $143 million earnout if certain operating thresholds are met\nHyatt and Tortuga will enter into 50-year management agreements for 13 of 15 Playa's owned assets with attractive terms in-line with Hyatt's existing all-inclusive fee structure\nThe remaining two assets will be managed under separate contractual arrangements\nHyatt is retaining $200 million of preferred equity\nTortuga expects to invest CapEx in selected properties\nProceeds from the transaction will be used to pay down Delayed Draw Term Loan",
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      "text": "Transaction Value: $2.0 billion",
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      "text": "SUMMARY OF THE PLAYA REAL ESTATE TRANSACTION",
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