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1. Hyatt closes on Playa deal
Hyatt Hotels Corp. has completed its $2.6 billion acquisition of Playa Hotels & Resorts, reports CoStar News' Natalie Harms. The deal includes the 15 all-inclusive resorts that were owned and managed by Playa, eight of which were already in Hyatt's system.
Playa had announced last week it received regulatory approval from the Mexican government to move forward with the deal.
“As we welcome Playa into the Hyatt family, we are strengthening our leadership in the all-inclusive space through a combination of new locations, capabilities and talent,” Hyatt President and CEO Mark Hoplamazian said in the release. “Playa’s all-inclusive management platform complements Hyatt’s global scale and brand strength, enabling us to deliver compelling experiences for guests and members while driving strong performance for owners.”
2. Blackstone refinances Grand Wailea with $1 billion CMBS loan
Blackstone is refinancing its Grand Wailea, a Waldorf Astoria Resort, with a $1 billion commercial mortgage-backed securities loan, according to a pre-sale reports from Morningstar and Moody's. The as-is appraised value for the 795-key property is $1.6 billion with a per-key value of just over $2 million.
The new mortgage loan will retire $800 million of existing debt, returning $181.6 million of equity to the sponsor and covering closing costs, according to the Morningstar report. It is a two-year floating-rate interest-only mortgage loan with three, one-year extension options. The floating rate will be based on one-month SOFR plus the WA Mortgage Loan spread of 2.5%. Blackstone will enter into an interest-rate cap agreement with the assumed SOFR cap of 5% during the initial term.
3. Americans look to 'right-size' their summer travel
American travelers are reprioritizing their trips this summer, said Deloitte's Transportation, Hospitality & Services research lead Maggie Rauch in a podcast interview with CoStar News' Stephanie Ricca. They're not in revenge-travel mode any longer but its still important to them even when feeling financial pressures.
"The share of wallet for travel just holds on," she said. "It has a place in a lot of Americans' priorities, and I think part of that is that it's not something you get to do as much as you want. No matter how much money we have, we only have so much time ... and that has helped keep it steady."
4. Private equity hotel deals drop 85% in 2025, PwC reports
The volatility and uncertainty in the U.S. hotel transaction market has pushed many would-be buyers into wait-and-see mode as they evaluate their investment strategies, according to a new report from PwC. As a result, year-to-date private-equity-sponsored deals have dropped 85% year over year in 2025.
PwC's "Hospitality and Leisure: U.S. Deals 2025 Midyear Outlook" also found that targeted mergers and acquisitions still give operators "opportunities to adapt portfolios, sharpen strategic focus and scale digital capabilities. For well-capitalized buyers, current conditions offer an opening to acquire differentiated assets at favorable terms."
5. Hilton, Marriott target growth in Africa
Both Hilton and Marriott International are increasing their development focus on Africa, U.S. News reports. Hilton intends to triple its presence on the continent to more than 160 hotels, and Marriott plans to add 50 hotels to its existing portfolio of 150 by 2027.
Interest in travel to African countries has increased in recent years, according to the article. International arrivals to the continent increased by 9% year over year during the first quarter, according to data from the World Tourism Organization. That's 16% above 2019 figures.
Airlines have responded with more flights. Emirates offers 161 weekly flights across the continent, and United Airlines now has a direct route from Washington to Dakar, Senegal. Delta will have a seasonal daily flight to Accra, Ghana, starting in December.