Hyatt Hotels and Playa Hotels & Resorts N.V. have entered into an exclusivity agreement that could lead to a possible acquisition of the latter, the companies said Monday.

Playa's shares rose about 11% before the bell.

Playa, which holds a portfolio of resorts, has a market capitalization of about $1.2 billion.

The companies said there can be no assurance that they would enter into a definitive agreement for a transaction.