Playa Hotels & Resorts is expanding its resort portfolio in Jamaica with the purchase of one Hilton and four Jewel-branded resorts.
The all-inclusive operator bought the properties from Sagicor Group Jamaica Limited for 20 million in shares and $100 million in cash. Additionally, two Sagicor appointees, including the company’s chairman Richard Byles, will be nominated for election to Playa’s board.
Playa Hotels will now own and operate the 489-room Hilton Rose Hall, the 250-room Jewel Dunn’s River, and the 225-room Jewel Paradise Cove, and the 88-room hotel tower and spa at the Jewel Grand Palmya, along with two developable land sites that can hold up to 700 rooms.
The deal raises Playa Hotels’ Jamaican portfolio to seven properties; it already operates the Hilton Zilara Rose and the Hilton Ziva Rose Hall.
Playa Hotels has been steadily growing its Caribbean portfolio. Last year it announced plans to launch a new brand with lifestyle company Panama Jack. Playa re-developed Gran Caribe Resort in Cancun and Gran Porto Resort in Playa del Carmen as Panama Jack-branded properties, followed by additional resorts in Mexico and the Caribbean.
Playa currently owns and operates 15 properties in Mexico, the Dominican Republic and Jamaica. It also operates the Sanctuary Cap Cana in the Dominican Republic, and owns five resorts in Mexico and the Dominican Republic.