Pace Holdings Corp. Completes Business Combination with Playa Hotels & Resorts
13 Marzo 2017 - 1:50AM
Combined company named Playa Hotels & Resorts
and will trade on NASDAQ under PLYA
Pace Holdings Corp. (“Pace”) a special-purpose acquisition company
sponsored by an affiliate of TPG, today announced that it has
completed its business combination with Playa Hotels & Resorts
(“Playa”), a leading owner, operator, and developer of premier
all-inclusive resorts. With the closing of this transaction, the
combined company is named Playa Hotels & Resorts and its
ordinary shares and warrants will trade on NASDAQ under the ticker
symbols PLYA and PLYAW respectively beginning on Monday, March 13,
2017.
On December 13, 2016, Pace and Playa entered into a definitive
transaction agreement. The transaction was approved by the
shareholders of Pace on March 1, 2017, with over 99 percent of the
voted shares voting in favor of the business combination. Pace’s
board of directors had previously approved the business combination
and recommended that its shareholders vote in favor of the
proposal. The transaction immediately significantly strengthens
Playa’s balance sheet by fully redeeming its preferred shares, and
also provides significant additional capital for growth.
As previously announced, Playa CEO and Chairman Bruce Wardinski
and his management team will continue to run the combined company.
In connection with the closing of the transaction, TPG Partner and
Pace President and CEO Karl Peterson has been appointed to the
company’s board of directors. He is joined by Paul Hackwell, an
investor in TPG’s Travel & Leisure and Retail Group, and Tom
Klein, the former President, CEO, and member of the board of
directors of Sabre Corporation. Other members of the board of
directors include Stephen Haggerty, Daniel Hirsch, Hal Stanley
Jones, Elizabeth Lieberman, Stephen Millham, Arturo Sarukhan.
Playa will release its 2016 financial and operating results on
Tuesday, March 14, 2017 after the market closes. Playa will
host a conference call to discuss its 2016 results on March 15,
2017 at 10:00 a.m. ET (Eastern Time). The conference call can be
accessed by dialing (866) 393-5826 for domestic participants and
(954) 320-0070 for international participants. The conference ID
number is 80776088.
Additionally, interested parties may listen to a taped replay of
the entire conference call commencing two hours after the call has
been completed. This replay will run through Thursday, March 30,
2017. The access number for a taped replay of the conference call
is (855) 859-2056 or (404) 537-3406 using the same conference ID
number. There will also be a webcast of the conference call
accessible on the company’s investor relations website at
www.investors.playaresorts.com.
About Playa Hotels & Resorts Playa
Hotels & Resorts is a leading owner, operator and developer of
all-inclusive resorts in popular vacation destinations in Mexico
and the Caribbean. Playa owns a portfolio consisting of 13
resorts (6,142 rooms) located on prime beachfront properties across
Mexico, the Dominican Republic, and Jamaica. In 2013, Playa entered
into a strategic partnership with Hyatt to create two all-inclusive
brands under the Hyatt name, Hyatt Ziva and Hyatt Zilara, of which
Playa is the sole franchisee. Playa operates six Hyatt resorts
across Mexico and Jamaica, one of which sits in the only private
cove in Puerto Vallarta. Through its relationship with Playa, Hyatt
is the first major U.S. brand to have entered the all-inclusive
segment.
About Pace HoldingsPace was formed with the
purpose of acquiring a company that would be better suited to
generate strong returns in the public markets while benefiting from
the broader operational knowledge, resources and private equity
heritage of TPG. This transaction builds on TPG’s efforts to grow
its private equity offering by servicing different return profiles
and product types. Since the start of 2014, the firm has launched
several new products, including Pace, TPG Real Estate Finance Trust
(“TRT”), TSL Europe and Arrow Ridge Capital.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. You
can identify these forward-looking statements by the use of
terminology such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “could,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates” or the negative version of these words or other
comparable words or phrases. Such forward-looking statements are
subject to various risks and uncertainties, including those
described under the section entitled “Risk Factors” in the
Company’s Form S-4 registration statement, filed February 7, 2017,
as such factors may be updated from time to time in our periodic
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. Accordingly, there are or will be important
factors that could cause actual outcomes or results to differ
materially from those indicated in these statements. These factors
should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in the Company’s filings with the SEC. While
forward-looking statements reflect the Company’s good faith
beliefs, they are not guarantees of future performance. Playa
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, new information, data or methods, future
events or other changes after the date of this press release,
except as required by applicable law. You should not place undue
reliance on any forward-looking statements, which are based only on
information currently available to us (or to third parties making
the forward-looking statements).
Media Contacts:
Pace Holdings Corp.
Luke Barrett
(212) 601-4752
media@tpg.com
Playa Hotels & Resorts
Karen Callahan
(954) 801-7116
KCallahan@PlayaResorts.com
Investor Contacts:
Pace Holdings
(212) 405-8458
Pace@tpg.com
Playa Hotels & Resorts
Ryan Hymel
(571) 529-6113
ir@playaresorts.com
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