What Happened?
Shares of hospitality company Playa Hotels & Resorts (NASDAQ:PLYA) jumped 29.2% in the morning session after a Reuters report revealed that the company is in exclusive talks with Hyatt Hotels about a potential takeover. The report confirmed that talks to acquire PLYA will continue through February 3rd, 2025, or until an agreement is reached.
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What The Market Is Telling Us
Playa Hotels & Resorts’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. Moves this big are rare for Playa Hotels & Resorts and indicate this news significantly impacted the market’s perception of the business.
Playa Hotels & Resorts is up 42.9% since the beginning of the year, and at $12.25 per share, has set a new 52-week high. Investors who bought $1,000 worth of Playa Hotels & Resorts’s shares 5 years ago would now be looking at an investment worth $1,574.
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