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Hyatt redeems $290M Playa preferred investment, launches $300M share buyback

Mar 17, 2017 - SNL Real Estate Daily

Hyatt Hotels Corp. fully redeemed its $290 million preferred stock investment in Playa Hotels & Resorts BV and launched an accelerated share buyback program.

The redemption follows the recent merger of Playa Hotels with Pace Holdings Corp. Hyatt retains a common equity stake of 11.57% in Playa Hotels' ultimate parent.

The company also entered into an accelerated share repurchase deal with an affiliate of Deutsche Bank AG to buy back $300 million of its class A common stock. Hyatt sai...