Playa Hotels & Resorts Closes On Sale Of Jewel Punta Cana For Total Gross Consideration Of $82M
Portfolio Pulse from Benzinga Newsdesk
Playa Hotels & Resorts has completed the sale of Jewel Punta Cana for $82M in gross consideration, with expected net proceeds of about $70M. Additionally, Playa has secured a long-term hotel management agreement with the new owner. The deal was finalized on December 15, 2023.
December 18, 2023 | 10:01 pm
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Playa Hotels & Resorts has sold Jewel Punta Cana for $82M and will continue to manage the resort under a new long-term agreement, with net proceeds expected to be around $70M.
The sale of Jewel Punta Cana is likely to have a positive short-term impact on PLYA's stock price due to the influx of cash from the sale, which improves the company's liquidity. The long-term management agreement also ensures ongoing revenue and demonstrates the company's ability to maintain operational ties with its assets post-sale. This news is highly relevant and important to investors as it directly affects the company's financial position and future revenue streams. The confidence in this analysis is high due to the clear details provided about the transaction and its completion.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100