Sagicor combines Hotel Operations with Playa Hotels and Resorts in major multi-national deal
Principals of Sagicor Real Estate X Fund Ltd. and Sagicor Group Jamaica through its affiliated entities, (The Sagicor Entities), announced yesterday that they have entered into an agreement with NASDAQ listed hotel owners and operators, Playa Hotels & Resorts N.V., to combine their tourism assets.
The Sagicor Entities will contribute their portfolio of all-inclusive resorts and developable land sites in Jamaica, including the Hilton Rose Hall, the Jewel Runaway Bay, Jewel Dunn's River and Jewel Paradise Cove, and the 88-room hotel tower and spa which forms part of the Jewel Grande (formerly Palmyra).
In exchange, The Sagicor Entities will receive 20 million Playa shares and US$100 million in cash. Sagicor also disclosed that on completion of the transaction the Sagicor Entities and Playa will enter into a residential management contract to operate its holdings in the remaining two towers and villas at the Jewel Grande. In addition, Sagicor will also have the right to representation on the Playa Hotels and Resorts Board of Directors.