May 2017 Financial News

Palmyra set for winter reopening as the Jewel Grande

May 03, 2017

Palmyra Resort and Spa in Montego Bay, St James, which was acquired by Sagicor in 2016, will be rebranded and reopened by the end of the year as the Jewel Grande. This was confirmed on Monday by Rohan Miller, president and CEO of Sagicor Investments Jamaica Ltd. The property is now undergoing renovation which will be completed in time for the winter season, he advised.

Miller said the property will be operated as part of the Jewel group which currently comprises four other resorts on the North Coast.

Other properties under the brand are Jewel Runaway Bay, Jewel Lagoon Waterpark, Jewel Paradise Cove and Jewel Dunn's River.

The Jewel Grande will be managed by Aimbridge Hospitality Management Company, which also manages the other Jewel properties.

In October 2016, Sagicor, on behalf of the Fund and other managed funds, completed the purchase of 217 of the 277 residential units in Palmyra and an adjoining power plant owned by Caribbean Green Power Systems Ltd.

Both properties were in receivership with debt held by the National Commercial Bank, among other entities.

At the time of purchase, Sagicor touted Palmyra as an internationally renowned property for “its outstanding design”.

Designed by Miami-based architect Joe Andriola, the original property includes studios, one-, two-, three- and four- bedroom condominiums and penthouses, and three bedroom villas. The property also features three towers named Sabal Palm, Silver Palm and Sentry Palm, totalling 299 residences.

While the price paid for Palmyra was not disclosed, company head Richard Byles said that the deal brought to $41 billion the amount invested by Sagicor in hotel properties, making the group the third largest hotel owner in Jamaica, earning US$100 million each year on behalf of clients.

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
Business reporter
Jamaica Observer
Wednesday May 3, 2017

http://www.jamaicaobserver.com/business-observer/palmyra-set-for-winter-reopening-as-the-jewel-grande_97597?profile=1056