Playa Hotels to go public after merger announced
Sunday, 14 Dec, 2016
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All-inclusive resort operator Playa Hotels has announced plans to merge with Pace Holdings, an affiliate of private equity firm TPG, in a deal said to be worth about $1.75 billion.
Playa, which operates 13 resorts in Mexico and the Caribbean, will then be publically listed.
It will continue to use the Playa Hotels brand name and the existing management team led by CEO Bruce Wardinski, will continue to run the company.
The transaction and listing will provide an estimated $500 million of additional funds to accelerate Playa’s growth strategy, it said.
"When we formed Pace, our objective was to identify a great company that was ready to enter the public arena and had a business plan that we could help accelerate by providing insights, support, and greater access to capital," said Karl Peterson, TPG partner and CEO of Pace Holdings.
"We believe that Playa is the perfect fit for this mandate. Bruce has built an exceptional company that is creating a new standard for quality and innovation in the all-inclusive resort segment.
Wardinski sees the deal as ‘a catalyst for accelerating future growth.’
"There are amazing opportunities in the all-inclusive segment," he said in a statement.
The transaction is expected to close in the first quarter of 2017.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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