ECNETNews, New York, NY, January 6, 2025: A leading Caribbean all-inclusive resort has been sold for $28.5 million in cash.
Playa Hotels & Resorts has successfully sold the Jewel Paradise Cove Resort & Spa in Jamaica. This sale occurs as Playa engages in strategic discussions with Hyatt Hotels Corporation about potential acquisition opportunities.
The Jewel Paradise Cove Resort, situated in Jamaica, was acquired by an undisclosed third party as part of Playa’s initiative to optimize its resort portfolio. This strategic move aims to enhance the company’s financial standing, boost shareholder value, and concentrate on higher-performing properties.
Hyatt Negotiations Underway
Playa has recently entered into an exclusivity agreement with Hyatt, valid until February 3, 2025. If a merger proceeds, it could surpass Playa’s current market capitalization of $1.2 billion, marking a pivotal moment for the company.
Optimizing the Resort Portfolio
Playa’s portfolio comprises 24 resorts with a total of 8,627 rooms located in key markets such as Jamaica, Mexico, and the Dominican Republic. Of these, eight are managed through third-party agreements, while the remainder is owned and operated by Playa.
This recent transaction is not Playa’s only significant divestment; 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 streamline its assets while prioritizing more profitable ventures.
As Playa continues to refine its portfolio and explore a potentially transformative partnership with Hyatt, the company remains a prominent contender in the Caribbean all-inclusive resort market.
