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Playa Hotels completes business combination with Jamaica's Sagicor Group

Playa Hotels & Resorts NV completed a business combination with Sagicor Group Jamaica Ltd., acquiring five resorts and two developable oceanfront land sites on Jamaica's North Coast.

The consideration for the assets comprised 20 million shares of Playa's common stock and $100 million in cash, along with two nominations by Sagicor to Playa's board.

The four resorts are the 495-room Hilton Rose Hall, the 268-room Jewel Runaway Bay, the 250-room Jewel Dunn's River and the 225-room Jewel Paradise Cove. The portfolio also includes an 88-room hotel tower and spa. The land parcels have a potential density allowing up to 700 rooms. The acquisition also includes a hotel management contract for the Jewel Grande Montego Bay.

With the close of the deal, Playa assumed management of the assets that were previously managed by an external third-party operator. It already owns and operates the Hyatt Zilara Rose Hall and Hyatt Ziva Rose Hall in Jamaica.