Sagicor Real Estate X Fund Limited (XFUND) has advised that the Company and Sagicor Group Jamaica Limited have entered into an agreement with NASDAQ listed hotel owners and operators, Playa Hotels & Resorts N.V., to combine tourism assets. The Sagicor Entities will contribute their portfolio of all-inclusive resorts and developable land sites in Jamaica, including the Hilton Rose Hall, the Jewel Runaway Bay, Jewel Dunn’s River and Jewel Paradise Cove, and the 88-room hotel tower and spa which forms part of the Jewel Grande (formerly Palmyra).
In exchange, The Sagicor Entities will receive 20 million Playa shares and US$100 million in cash. On completion of the transaction the Sagicor entities and Playa will enter into a residential management contract to operate its holdings in the remaining two towers and villas at the Jewel Grande. In addition, Sagicor will have the right to representation on the Playa Hotels and Resorts Board of Directors.