Oct 2016 Financial News

Sagicor completes acquisition of Palmyra Resort and Spa

Oct 07, 2016

Richard Byles, President and CEO – Sagicor Group Jamaica, has announced that Sagicor, on behalf of its managed funds, has completed the acquisition of 217 of the 277 residential units in the condominium resort development known as the Palmyra Resort and Spa in Montego Bay, St James, and an adjoining power plant owned by Caribbean Green Power Systems Ltd (in receivership).

“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,” Byles said in a news release. The Sagicor managed funds will now work with the remaining unit holders to reestablish the property.

Over the last five years, Sagicor and its managed funds have invested approximately US$354 million in resort properties and attractions mainly in Jamaica, namely:

• Hilton Rose Hall Hotel • Runaway Bay Golf Club

• Jewel Runaway Bay

• The Jewel Lagoon Waterpark

• Jewel Paradise Cove

• Jewel Dunn’s River

• Double Tree by Hilton at the entrance to Universal in Orlando, Florida The Palmyra Resort and Spa has been recognised for its outstanding design and development by International Property Awards and was named to Travel and Leisure’s exclusive 2007 list of ‘Top 10 Most Exciting Developments in the World’, and has received extensive coverage in the New York Times, Wall Street Journal, Sunday Times, The Financial Times and The Telegraph, as well as Luxury Living and Country Life international.

Source:
Jamaica Observer
Friday October 7, 2016    

http://www.jamaicaobserver.com/business/Sagicor-completes-acquisition-of-Palmyra-Resort-and-Spa_76333