Sun | Jul 22, 2018

Palmyra deal closes

Published:Sunday | October 9, 2016 | 12:00 AM
Richard Byles, president and CEO of Sagicor Group Jamaica.
An artist's impression of the Sabal Silver Palm Clubhouse at Palmyra, in Rose Hall, Montego Bay.

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Sagicor Group Jamaica announced the conclusion of the deal by its managed funds to acquire 217 of the 277 residential units in condominium resort development Palmyra Resort & Spa and its adjoining power plant.

"The Sagicor Managed Funds will now work with the remaining unit holders to re-establish the property," said Sagicor in a statement.

Sagicor disclosed, in an indirect way, that the acquisition price was about US$49 million.

Having noted that prior investments in resort assets by Sagicor Managed Funds over the last five years amounted to US$354 million, President and CEO of Sagicor Group Richard Byles then noted in reference to Palmyra that "this latest acquisition brings the total sums invested in hotel properties to US$403 million - making the managed funds of Sagicor the third largest hotel owner in Jamaica, earning US$100 million each year and growing".

Palmyra is an incomplete condo complex in Montego Bay, which was placed in receivership by its bankers. The takeover by the banks is being fought in court by creator of the project, Robert Trotta, who denies that his companies are indebted to the banks.

Palmyra is designed as a 288-room hotel/condominium complex encompassing three towers on 16 acres of seafront lands at Rose Hall.

At takeover by the banks, it had 103 owners of individual condos, with 97 units remaining for sale on the two completed blocks known as Sabal Tower and Silver Tower. The shell of a high-rise hotel designed for 88 studio suites, called Sentry Tower, and 11 three-bedroom villas were at varying stages of completion.