Sandals Resorts International "is exploring options to accelerate the company's long-term growth and development plans,” including selling the company to a new owner, it said in a statement on Thursday.
Reuters on Wednesday reported that the Caribbean resort operator has hired investment bank Deutsche Bank AG to “explore several options, including a sale of a majority stake in the company.”
Sandals was founded 36 years ago by Gordon "Butch" Stewart, who has owned it ever since. It is now the largest non-government employer in Jamaica and could be worth well over $1 billion, including debt, Reuters said.
Sandals Resorts now includes 15 all-inclusive, adults-only properties in seven Caribbean countries, including Jamaica, the Bahamas, Grenada and Barbados; three family-friendly Beaches resorts; one Grand Pineapple resort; Fowl Cay private island; and four villas in Jamaica.