Playa inks deal for high-end portfolio

Playa Hotels & Resorts has announced its plans to buy six high-end all-inclusive resorts in Mexico and the Dominican Republic from a subsidiary of the Apple Leisure Group.The
deal will bring to seven the number of Playa owned hotels under management
by AMResorts. As part of the arrangement, Playa has committed to spend over
$25 million over the next 12 months to upgrade the portfolio of resorts.

  In addition, Barcelo Crestline Corporation, the US-based asset manager
for Playa Hotels & Resorts, will enter into a joint venture with the Apple
Leisure Group to provide growth capital in exchange for a minority,
non-controlling interest in the Company. As a result of these partnerships,
Apple Leisure Group will be able to expand its portfolio in the near
future. The agreement is expected to be finalized in December of this year
and will not affect Apple Leisure Group’s management structure or
day-to-day operations.

  Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts, said, “We
are pleased to have the opportunity to acquire these outstanding assets,
and to have our asset manager invest in this iconic travel industry
company. Few organizations in our industry have the reputation for
excellence and the proven business model of Apple Leisure Group. The
company’s management team, led by John Mullen, is highly respected in the
industry and continually creates extraordinary customer experiences that
drive demand and brand loyalty.” Wardinski added, “We share Apple’s
commitment to excellence and we are dedicated to supporting Apple’s
management team in its ongoing efforts to provide outstanding vacation
experiences to customers.”

  John Mullen, founder and Chairman of Apple Leisure Group, said, “Our
new investors share our vision and commitment to provide the highest
quality experience for vacation travelers. We are thrilled to welcome them
into our company as an investor. This investment helps our management team
pursue significant, accelerated growth and new investment opportunities. In
addition, it allows us to simultaneously build upon our tradition of
quality and excellence that began over 35 years ago. The growth capital
will also help the company strengthen our customer and supplier
relationships by enabling us to provide even more services to our clients
and guests.”
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