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.