7 months ago
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Playa Hotels & Resorts on Thursday announced that it entered into a binding agreement with an unnamed third party to sell the Jewel Paradise Cove resort for US$28.5 million in cash.
“The sale of the resort is subject to customary closing conditions,” Playa said in a release, adding that it expects the transaction to close in the first quarter of 2025.
Jewel Paradise Cove was built on the former Hedonism III property and was previously own by the Super Clubs Group, before it was acquired by the Sagicor Group in May 2013 and underwent a US$5-million renovation. The adults-only all-inclusive property offers 225 rooms with butler service.
Playa Hotels & Resorts NV is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in Mexico, Jamaica and the Dominican Republic. The company says it currently owns and/or manages a total portfolio consisting of 24 resorts comprising of 8,627 rooms under the Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Seadust, Kimpton, Jewel Resorts and The Luxury Collection brands.
The sale of Jewel Paradise Cove comes at a time when Playa says it is seeking to optimise its resort offerings and focus on properties that maximise value for stakeholders, according to industry watchers. The resort has a Tripadvisor rating of 4.5. It is not clear at this time if it will undergo renovation.
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