Playa shareholder divests interest
Playa Hotels & Resorts, operator of vacation destinations in Jamaica, Mexico and other areas in the Caribbean, commenced an underwritten secondary offering of 8,352,553 ordinary shares, by selling shareholder Farallon Funds.
The company announced on Monday that certain selling shareholders affiliated with Farallon Capital Management have commenced the offering which represents all ordinary shares held by the Farallon Funds.
The offering is being made at a public offering price of US$8.35 per ordinary share, which is expected to result in gross proceeds to the selling shareholders of approximately US$69.7 million. The offering is expected to close on November 12, 2021, subject to customary closing conditions.
Upon consummation of the offering for the proposed number of shares offered, the Farallon Funds will no longer hold beneficial ownership interests in Playa.
Playa is not offering any ordinary shares in the offering and will not receive any proceeds from the sale of ordinary shares by the selling shareholders in the offering.
In addition, none of Playa’s officers or directors is selling any ordinary shares in the offering.
Bank of America Securities is serving as sole underwriter.
Playa owns and/or manages a total portfolio consisting of 22 resorts (8,366 rooms) located in Mexico, Jamaica, and the Dominican Republic. In Mexico, Playa owns and manages Hyatt Zilara Cancún, Hyatt Ziva Cancún, Panama Jack Resorts Cancún, Panama Jack Resorts Playa del Carmen, Hilton Playa del Carmen All-Inclusive Resort, Hyatt Ziva Puerto Vallarta and Hyatt Ziva Los Cabos.
In Jamaica, Playa owns and manages Hyatt Zilara Rose Hall, Hyatt Ziva Rose Hall, Hilton Rose Hall Resort & Spa, Jewel Grande Montego Bay Resort & Spa, and Jewel Paradise Cove Beach Resort & Spa.
In the Dominican Republic, Playa owns and manages the Hilton La Romana All-Inclusive Family Resort, the Hilton La Romana All-Inclusive Adult Resort, Hyatt Zilara Cap Cana and Hyatt Ziva Cap Cana.
Playa also owns two resorts in the Dominican Republic that are managed by a third party and Playa manages five resorts on behalf of third-party owners.
