June 5, 2018
Sagicor Group Jamaica Limited (SJ) has advised that earlier this year Principals of Sagicor Real Estate X Fund Limited and Sagicor Group Jamaica through its affiliated entities, (The Sagicor Entities), announced that they had entered into an agreement with NASDAQ listed all-inclusive owner and operator, Playa Hotels & Resorts N.V., to combine their tourism assets. Sagicor has disclosed that having met all contractual requirements, the approximately J$39 billion transaction with Playa is now complete.
SJ also advised that in keeping with the terms of the transaction, Jewel Resorts and Hilton Rose Hall Resort & Spa employees will be placed on new employment contracts with Playa effective June 1st. A series of consultative meetings were held together with Playa representatives prior to the redundancy exercise and plans for the future were outlined for staff during the initial stages of the transition.
The full release can be view on the Jamaica Stock Exchange website.