The deal resulted in diversification for the two companies throughout the Caribbean and Latin America
FT. LAUDERDALE, Fla., May 28, 2019 (GLOBE NEWSWIRE) -- Playa Hotels & Resorts N.V. (NASDAQ: PLYA, “Playa” or “the Company”) an owner, operator and developer of premium all-inclusive resorts, was awarded the 2018 Transaction of the Year Award at the Caribbean Hotel & Resort Investment Summit (CHRIS) for the Company’s $300 million business combination with certain companies affiliated with Sagicor Group Jamaica Limited (“Sagicor”). Playa assumed management of the resorts from a third party following the close of the transaction.
The deal resulted in the strategic redirection of the sales and marketing for the five resorts, which comprise 1,455 rooms located on the famed Northern Coast of Jamaica. The new strategy focuses on lowering customer acquisition costs, enhancing customer engagement and increasing customer loyalty. The transaction also facilitated the diversification of cash flows for both parties. Sagicor exchanged a portion of its investment in Jamaica for shares in Playa's more diversified portfolio. Playa increased its family of globally recognized US brand partnerships while also growing its presence in Jamaica and capitalizing on the potential for operational synergies. As part of the transaction, Playa welcomed Hilton into its family of brands and added two of Sagicor's seasoned business leaders to its board of directors.
"We’re thankful for the ongoing support of Sagicor’s senior executives, Richard Byles and Christopher Zacca and for their belief in Playa’s vision. Their intimate knowledge of the portfolio and the Jamaican tourism industry have been invaluable. The transaction played a pivotal role in Playa’s growth and we’re grateful to have them as partners as we continue to expand our presence within the Caribbean,” said Bruce Wardinski, Playa’s Chairman and Chief Executive Officer.
“We’re honored to receive this highly coveted award,” said Fernando Mulet, Playa’s Executive Vice President and Chief Development Officer. "This off-market transaction allowed us to show the value of partnering with Playa. Not only did we expand our footprint in Jamaica by 17% through this business combination but we also secured a partner who benefits from diversification and our existing yet scalable operational platform in the region.”
For additional information on Playa Hotels & Resorts, visit www.playaresorts.com.
About Playa Hotels & Resorts N.V.
Playa is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in Mexico and the Caribbean. Playa owns and/or manages a total portfolio consisting of 21 resorts (7,914 rooms) located in Mexico, Jamaica, and the Dominican Republic. In Mexico, Playa owns and manages Hyatt Zilara Cancun, Hyatt Ziva Cancun, Panama Jack Resorts Cancun, Panama Jack Resorts Playa del Carmen, Hilton Playa del Carmen All-Inclusive Resort, Hyatt Ziva Puerto Vallarta and Hyatt Ziva Los Cabos. In Jamaica, Playa owns and manages Hyatt Zilara Rose Hall, Hyatt Ziva Rose Hall, Hilton Rose Hall Resort & Spa, Jewel Dunn’s River Beach Resort, Jewel Grande Montego Bay Resort & Spa, Jewel Runaway Bay Beach & Golf Resort and Jewel Paradise Cove Beach Resort & Spa. In the Dominican Republic, Playa owns and manages the Hilton La Romana All-Inclusive Family Resort and the Hilton La Romana All-Inclusive Adult Resort. Playa also owns four resorts in Mexico and the Dominican Republic that are managed by a third party and Playa manages the Sanctuary Cap Cana, in the Dominican Republic.
Source: Playa Hotels & Resorts