Playa Sells Two Jamaica Resorts
In a move to “enhance” its liquidity, all-inclusive company Playa Hotels and Resorts has closed on the sale of two of its resorts in Jamaica.
The company has sold the Jewel Dunn’s River Beach Resort and Spa in Ocho Rios and the Jewel Runaway Bay Beach Resort and Waterpark in St Ann.
Total consideration was $60 million in cash; the buyer was not revealed.
The move comes about two years after Playa acquired the two resorts as part of a five-resort transaction with Jamaica’s Sagicor Group Limited.
That 2018 transaction also included the Hilton Rose Hall, the Jewel Paradise Cove and an 88-room tower at the Jewel Grande Montego Bay.
“We are extremely proud of the team and the performance of these two spectacular resorts and the ability to execute this sale during such unprecedented times is a testament to their hard work and the attractiveness of the Jamaican market,” said Bruce Wardinski, Chairman and CEO of Playa Hotels and Resorts, in a statement. “The sale of these two resorts will enhance our liquidity at a superb cost of capital for our shareholders.”
Playa has a broad portfolio of all-inclusive resorts across the wider Caribbean and Mexico, mostly operated under the Hyatt and Hilton brands. (An alliance with Hilton helped drive the company’s expansion in Mexico and the Dominican Republic.)
Playa also manages the Sanctuary Cap Cana in the Dominican Republic, where the company recently opened a pair of Hyatt resorts, also in Cap Cana.
As for Jamaica, Wardsinski said Playa “would continue to maintain a significant presence” in the country.
“We remain committed to being a leader in the Jamaican community as we move beyond this pandemic,” he said.
For more, visit Playa.
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