07:20 AM EST, 12/23/2024 (MT Newswires) -- Hyatt Hotels ( H ) and Playa Hotels & Resorts ( PLYA ) said Monday they have entered into an exclusivity agreement to negotiate potential strategic options, including the acquisition of Playa by Hyatt.

Playa said the exclusivity agreement will remain in place until Feb. 3 and added that its board has "engaged with a number of potential counterparties."

Hyatt and Playa said no assurances can be made regarding the outcome or terms of the negotiations.

Hyatt shares rose by nearly 1% in premarket trading, while Playa was up by more than 10%.