Playa Hotels & Resorts (PLYA, Financial), a prominent resort operator in the Caribbean and Latin America's prime tourist areas, saw its stock surge over 12% in pre-market trading. This rise followed the company's announcement of exclusive negotiations with Hyatt Hotels (H), a global leader in the hotel industry. The agreement includes evaluating strategic options, potentially leading to Hyatt acquiring Playa. This exclusivity agreement remains in effect until a final deal is reached or until February 3 of the following year.
Hyatt's stock also experienced a 1.3% increase in pre-market trading. Playa Hotels & Resorts is known for its all-inclusive resorts in Mexico, Jamaica, and the Dominican Republic, key destinations for international tourists. As of December 20, 2024, Playa's market capitalization stood at approximately $1.2 billion.
