Sagicor Group Sells Majority Stake in Resorts

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Sagicor hotel resort

Sagicor Group Jamaica recently closed a deal with Playa Hotels and Resorts which will see Sagicor giving up all their inclusive resorts and lands that can be developed to the company. This includes Hilton Rose Hall, Jewels Dunn’s River Resort, and Jewels Paradise Cove, Jewels Runaway Bay and the hotel tower and spa of Jewels Grande.

For this, The company would receive US$100 million in cash and a 15 per cent share in the company as they would have rights to 20 million Playa shares. Sagicor would now be the second largest shareholder in Playa Hotels. The company will also be represented on the Board of Directors in the group.

Sagicor is optimistic that this deal will bring about an expansion in the hotel industry whilst also creating employment for Jamaicans as it positively impacts Tourism. Additionally, they are looking to benefit from the resort markets in other countries where Playa owns hotels; such as Dominican Republic and Mexico.

Playa Hotels and Resorts trades on the NASDAQ, which is the second largest stock exchange market in the United States behind the New York Stock Exchange. The company currently owns and operates 15 all-inclusive resorts in Mexico, the Dominican Republic and Jamaica. Playa Hotels is the owner of Hyatt Zilara and Hyatt Ziva in Jamaica.

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