An unknown buyer entered into a binding agreement to acquire Secrets Capri Hotel from Playa Hotels & Resorts N.V. (NasdaqGS:PLYA) for $55 million on March 31, 2021. The consideration is payable in cash. Upon closing, the Company expects to execute a management contract and will operate the resort once it reopens after repositioning and renovation. The sale of the Capri Hotel is subject to customary closing conditions, and the Company offers no assurances that this sale will be completed. The Company expects the transaction to close in the second quarter of 2021. An unknown buyer completed the acquisition of Secrets Capri Hotel from Playa Hotels & Resorts N.V. (NasdaqGS:PLYA) for $55.2 million, after customary closing costs on June 24, 2021. In conjunction with the closing of the transaction, the new owner has signed a franchise agreement with Hyatt Hotels to rebrand the resort as the Hyatt Zilara Riviera Maya following renovations. Playa Hotels & Resorts utilized 50 % of the net proceeds from the sale of $4.4 million, after deducting incremental expenses, to repay a portion of its Term Loan on June 29, 2021. The remaining net proceeds, after deducting capital expenditures incurred across our portfolio for up to 18 months following the sale, will be used to repay our Term Loan and Term A3 Loan in December 2022.