CJ Invest, News, Transactions

Playa Sells Two Jamaica Resorts

In a move to “enhance” its liquidity, all-inclusive company Playa Hotels and Resorts has closed on the sale of two of its resorts in Jamaica. 

The company has sold the Jewel Dunn’s River Beach Resort and Spa in Ocho Rios and the Jewel Runaway Bay Beach Resort and Waterpark in St Ann. 

Total consideration was $60 million in cash; the buyer was not revealed. 

CBRE Hotels‘ Miami team of Christian Charre, Paul Weimer, Fernando Garcia Chacon and Jennifer Jin represented the seller in arranging the sale.

“The first large transaction to close in North America and the Caribbean since the pandemic shows the resilience of the capital markets and is a testament to the optimism of investors who believe that that tourism and travel will come back stronger than ever,” CBRE Hotels’ Miami team told Caribbean Journal Invest in a statement.

The move comes about two years after Playa acquired the two resorts as part of a five-resort transaction with Jamaica’s Sagicor Group Limited

That 2018 transaction also included the Hilton Rose Hall, the Jewel Paradise Cove and an 88-room tower at the Jewel Grande Montego Bay. 

“We are extremely proud of the team and the performance of these two spectacular resorts and the ability to execute this sale during such unprecedented times is a testament to their hard work and the attractiveness of the Jamaican market,” said Bruce Wardinski, Chairman and CEO of Playa Hotels and Resorts, in a statement. “The sale of these two resorts will enhance our liquidity at a superb cost of capital for our shareholders.”

Playa has a broad portfolio of all-inclusive resorts across the wider Caribbean and Mexico, mostly operated under the Hyatt and Hilton brands. (An alliance with Hilton helped drive the company’s expansion in Mexico and the Dominican Republic.)

Playa also manages the Sanctuary Cap Cana in the Dominican Republic, where the company recently opened a pair of Hyatt resorts, also in Cap Cana. 

As for Jamaica, Wardsinski said Playa “would continue to maintain a significant presence” in the country.

“We remain committed to being a leader in the Jamaican community as we move beyond this pandemic,” he said.

For more, visit Playa.

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