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