Playa Hotels & Resorts N.V and Sagicor Group Jamaica Limited are joining forces in a move that’s being called a great benefit to the country of Jamaica, and represents a unique opportunity for growth and development for the people of Jamaica and the tourism sector.

Sagicor will contribute a portfolio of five all-inclusive resorts with 1,320 rooms in addition to the Jewel brand and two adjacent oceanfront developable land sites located on the North Coast of Jamaica. The transaction will allow Playa Resorts to diversify their portfolio geographically and in the number of overall brands, including another global leader, Hilton.

Richard Byles, Chairman of Sagicor, one of the two Sagicor appointees that will be nominated for election to Playa’s board stated, “This business combination will be a great benefit to the country of Jamaica, and represents a unique opportunity for growth and development for the people of Jamaica and the tourism sector.”

He also said the decision will create exceptional financial opportunities for Playa, that will take advantage of Jamaica’s combined attributes of tropical climate, attractive beachfronts, culture, airlift, proximity to US markets, and high stabilized occupancy levels.

“Playa’s development track record, management expertise, strong regional presence and deep customer relationships will contribute significantly to improving the Sagicor portfolio performance,” said Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts. “Most importantly, this transaction provides Playa with multi-year built-in growth opportunities, which we expect will drive outstanding financial returns,” Wardinski continued.

Sagicor’s portfolio includes four existing resorts including the 489-room Hilton Rose Hall, the 268-room Jewel Runaway Bay, the 250-room Jewel Dunn’s River and the 225-room Jewel Paradise Cove. It also includes a 88-room hotel tower and spa, two developable land sites with a potential density of up to 700 rooms and a hotel management contract for the Jewel Grande Palmyra.

Playa currently owns and operates the Hyatt Zilara Rose Hall and Hyatt Ziva Rose Hall in Jamaica. This new business combination with Sagicor will make Playa one of the largest resort owners and operators in Jamaica – both in the total number of rooms and number of brands under management.

To learn more about Playa Hotels & Resorts, visit www.PlayaResorts.com.