Sagicor Group Jamaica yesterday announced that its $39- billion assets combination transaction with Playa Hotels & Resorts NV is now complete, and will result in the the properties being run under the agreement benefiting from an expanded presence in resort markets in Mexico, the Dominican Republic, and Jamaica, as well as being invested in a listed entity on the NASDAQ.
“This combination of assets will ultimately see tremendous expansion in Jamaica’s tourism industry. Playa is expected to invest over US$200 million to build 760 additional rooms in Jamaica over the next three years,” a company release quoted Sagicor Group Jamaica President and CEO Chris Zacca.
Earlier this year, the principals of Sagicor Real Estate X Fund Ltd and Sagicor Group Jamaica, through their affiliated entities, announced that they had entered into an agreement with NASDAQ-listed all-inclusive owner and operator Playa Hotels & Resorts to combine their tourism assets.
Yesterday, Sagicor said that having met all contractual requirements, the transaction with Playa is now complete.
“In keeping with the terms of the transaction, Jewel Resorts and Hilton Rose Hall Resort & Spa employees will be placed on new employment contracts with Playa effective June 1,” the news release said.
“A series of consultative meetings were held together with Playa representatives prior to the redundancy exercise and plans for the future were outlined for staff during the initial stages of the transition,” it added.
“We welcome the closing of this significant deal with Playa and want to use this opportunity to pay tribute to the management team and staff that contributed to the growth of the Jewel and Hilton brands within the hospitality industry in Jamaica,” chairman of Sagicor Real Estate X Fund and Sagicor Group Jamaica, Richard Byles, was reported as saying.