Caribbean All-Inclusive Resort Sold for $28.5 Million

A Caribbean all-inclusive resort has been sold for $28.5 million in cash.

Resort Sold to Unnamed Third Party

Playa Hotels & Resorts has sold the all-inclusive Jewel Paradise Cove Resort & Spa in Jamaica. The sale comes amid ongoing negotiations with Hyatt Hotels Corporation regarding potential strategic options, including a possible acquisition of Playa by Hyatt.

Hyatt Negotiations in Progress

Playa recently confirmed an exclusivity agreement with Hyatt, effective until February 3, 2025. If a merger materializes, it could exceed Playa’s current $1.2 billion market capitalization, marking a significant step for the company.

Reshaping the Portfolio

Playa’s portfolio includes 24 resorts totaling 8,627 rooms across prime markets in Jamaica, Mexico, and the Dominican Republic. Of these, eight are operated under third-party management agreements, while the rest are owned and managed by Playa.

This isn’t Playa’s first major sale recently. In August, the company sold the Jewel Palm Beach resort in Punta Cana, Dominican Republic, for approximately $68 million. These sales align with Playa’s strategy to divest select assets while focusing on more profitable ventures.

Conclusion

As Playa refines its portfolio and negotiates a potentially transformative deal with Hyatt, the company remains a key player in the all-inclusive resort market in the Caribbean and beyond.

FAQs

* What is the sale price of the Jewel Paradise Cove Resort & Spa?
+ The sale price is $28.5 million in cash.
* Who is the buyer of the Jewel Paradise Cove Resort & Spa?
+ The buyer is an unnamed third party.
* What is the status of the Hyatt negotiations?
+ Playa has an exclusivity agreement with Hyatt until February 3, 2025, and is in ongoing negotiations regarding a potential acquisition.