Cancún Airport Owners Lead Record $2B Caribbean Hotel Deal

Cancún, July 3 — The largest hotel real estate transaction in Caribbean history bears the signature of the owner of Cancún International Airport, following Hyatt’s $2 billion sale of 15 Playa Resorts properties to Tortuga Resorts, a corporate alliance involving Denver-based investment firm KSL and the Mexican family office Rodina.

Rodina is led by brothers Andrés and Felipe Chico Hernández, sons of Fernando Chico Pardo, owner of Grupo Aeroportuario del Sureste (ASUR), which has reaped substantial profits from its monopoly over Cancún’s airport operations.

A Strategic Corporate Alliance

In 2022, the Chico Hernández brothers partnered with KSL, a financial vehicle that has executed over 100 transactions worth $15 billion since 2005 in the luxury travel and hospitality sector. Rodina Capital, the fund managing the assets of Fernando Chico Pardo’s sons and nephews of Roberto Hernández Ramírez, contributed four hotels at the time, including the Viceroy in Los Cabos. The family has also led acquisitions in Spain, such as Madrid’s Villa Magna and Bless hotels, as well as the Four Seasons in Mallorca.

Hyatt had recently acquired Playa Resorts’ properties in Mexico, the Dominican Republic, and Jamaica for $2.6 billion. The subsequent sale of the real estate is framed as a strategic move to secure 50-year management rights while reducing costs for 13 of these assets. Some of the resorts previously operated under Hilton or Wyndham brands but will now transition to Hyatt-affiliated flags.

A Shift to Asset-Light Strategy

The Playa Resorts acquisition aligns with Hyatt’s asset-light model, which relies on franchising and management contracts to minimize real estate exposure. This approach follows years of collaboration with KSL, beginning in 2015 to launch the Hyatt Ziva and Zilara brands. In 2021, Hyatt acquired Apple Leisure Group, and in 2024, it secured a 50% stake in Bahía Principe’s management company, part of Grupo Piñero, for €419 million.

Rebranding Key Properties

Hyatt has already rebranded eight of the 15 properties, displacing Hilton from four Caribbean hotels owned by Playa Resorts. Notable changes include:

• The 524-room Hilton Playa del Carmen, now renamed Península Hyatt Vivid Playa del Carmen.
• The 495-room Hilton Rose Hall in Montego Bay, transitioning to a Dreams property.
• In the Dominican Republic, former Hilton properties in La Romana will become a Secrets (356 rooms) and a Dreams (418 rooms).
• The 458-room Wyndham Alltra Cancún, rebranded as Península Sunscape.
• The 88-room Jewel Grande Montego Bay, which retains its name.

Most of the sold resorts operate under the all-inclusive model, a growing segment Hyatt has prioritized through its partnerships with Playa Resorts and Apple Leisure Group.

Strengthening Market Positions

The deal solidifies Hyatt’s dominance as a Caribbean operator while elevating Rodina and KSL as major players in high-value resort ownership and repositioning across key international tourism destinations.