FAIRFAX, VA. – Playa Hotels & Resorts N.V. announced that it has entered into a binding agreement with a third party to sell the Jewel Paradise Cove resort for a total consideration of $28.5 million in cash.
Conveniently located with Ocho Rios to the east and Montego Bay to the west, Runaway Bay is one of the most scenic and quiet coastal towns in all of Jamaica. Its enchanting natural wonders, such as the Green Grotto Caves – the largest of the island, mesmerize visitors with stalagmites, stalactites and a captivating underground lake. Protected by a large tropical coral reef, Runaway Bay flaunts some of the most beautiful beaches in the Caribbean and is often considered one of the best diving and snorkeling spots, thanks to crystal clear waters and thriving coral reef wildlife. Far from the cruise ship crowds and busy city centers, this resort town on the island’s north coast is the ideal destination for travelers seeking a peaceful and relaxing vacation.
The sale of Jewel Paradise Cove is subject to customary closing conditions, and the Company offers no assurances that this sale will be completed. The Company expects the transaction to close in the first quarter of 2025.
Playa Hotels & Resorts N.V., through its subsidiaries, is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in Mexico, Jamaica and the Dominican Republic. Playa currently owns and/or manages a total portfolio consisting of 24 resorts (8,627 rooms) under the following brands: Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Seadust, Kimpton, Jewel Resorts and The Luxury Collection. Playa leverages years of all-inclusive resort operating expertise and relationships with globally recognized hospitality brands to provide a best-in-class experience and exceptional value to guests, while building a direct relationship to improve customer acquisition cost and drive repeat business.