The Moto X Play from 2015 is the latest smartphone to be graced with an update to Android Nougat, perhaps surprisingly given its age. Moreover, this model is getting Android 7.1.1, and not 7.0 like most non-Nexus or Pixel devices have so far. That's a good thing too, because one can't have too many bug fixes.
Motorola's official support site already has documentation about this update listed, so the over-the-air rollout should have started by now.
Aside from bringing you a more recent iteration of Google's mobile OS, this release also contains all the security fixes outed so far. Thus after applying the update you will have the May 1, 2017 security patch level.
Thanks for the tip, liu min han!