Hyatt announced it will sell the real estate portfolio of Playa Hotels & Resorts for $2 billion just weeks after acquiring it, aligning with its asset-light strategy while retaining management of the resorts for a net cost of $555 million. Neil Jacobs is stepping down as CEO of Six Senses after 13 years, during which he grew the brand globally and oversaw its acquisition by IHG. Meanwhile, European authorities have issued heat-related travel warnings amid a Mediterranean heat wave, with temperatures surpassing 100 degrees Fahrenheit in parts of Spain and wildfires triggering evacuations.

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