Playa Hotels & Resorts N.V., a leading operator and developer of all-inclusive resorts, has announced a binding agreement to sell the Jewel Palm Beach resort for $68 million in cash. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.
Playa, a company known for its diverse portfolio of resorts across Mexico, Jamaica, and the Dominican Republic, currently operates 25 properties with a total of 9,127 rooms. These resorts operate under renowned brands such as Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Seadust, Kimpton, Jewel Resorts, and The Luxury Collection.
The sale of the Jewel Palm Beach resort marks a strategic move for Playa, potentially signifying a shift in its portfolio management or a focus on other areas within its existing portfolio. While the company cannot guarantee the completion of the transaction, the anticipated closure in the third quarter of 2024 suggests a strong commitment to the deal.
This transaction will be closely watched by industry experts as it offers insights into the current market dynamics of the Caribbean resort sector. The sale price, at $68 million, provides a clear indication of the value assigned to beachfront properties in this region.
