The company announced last month that it had entered into a binding agreement with a third party to sell the Jewel Palm Beach for a total consideration of US$68 million in cash.

With the completion of the transaction, Playa anticipates approximately US$64 million in net proceeds, which it will use for general corporate purposes.

The hotel and resort chain manages over 24 operations in the Dominican Republic, Jamaica and Mexico. Here in Jamaica, Playa operates Hilton Rose Hall, Hyatt Zilara, Rose Hall, Hyatt Ziva Rose Hall, Jewel Grande, and Jewel Paradise Cove.