Hyatt: In connection with the March 11, 2017 business combination of Playa Hotels & Resorts and Pace Holdings, Hyatt Hotels yesterday announced the redemption of its US$290 million preferred stock investment in Playa. It retains a common equity stake of 11.6% in Playa’s parent company. Hyatt also announced an accelerated share repurchase agreement with an affiliate of Deutsche Bank to repurchase US$300 million of Hyatt’s Class A common stock.
Las Vegas union: Palace Station hotel and casino in Las Vegas agreed to recognize its workers’ union as part of a settlement with the National Labor Relations Board.
Timbers Resorts: Timbers Resorts will expand into Kiawah Island, South Carolina. Timbers Kiawah Ocean Club & Residences will be the first private residence club on Kiawah Island offering 21 residences across three oceanfront buildings, along with dedicated amenities on the island.