Playa Hotels to Acquire Half a Dozen Resorts from AMResorts Portfolio

Following the acquisition of a minority stake in Apple Leisure Group last week, Playa Hotels & Resorts said it will be acquiring six all-inclusive resorts in Mexico and the Dominican Republic from AMResorts, a subsidiary of Apple Leisure Group.

It is purchasing the Dreams Cancun Resort & Spa, the Dreams Puerto Vallarta Resort & Spa and the Secrets Capri Riviera Cancun; the three other properties will be announced in the coming weeks. The price was not disclosed.

The hotels, including a seventh purchased by Playa Hotels & Resorts from AMResorts in July, will continue to be managed by AMResorts, which operates three brands: Secrets Resorts & Spas, Dreams Resorts & Spas and Sunscape Resorts & Spas.

Playa Hotels & Resorts is putting aside $25 million in the next year to upgrade the resorts. That includes rebranding three of the seven properties. The Sunscape Casa del Mar, La Romana, purchased in July, will be rebranded as a more upscale Dreams resort. Additionally, two of the three resorts that have yet to be announced will also be upgraded and rebranded.

Playa Hotels & Resorts is a privately held equity fund established in May 2006. Since then, it has acquired 16 properties, primarily in Mexico and the Dominican Republic.