Following Playa Hotels & Resorts’ announcement that it entered into exclusive discussions with Hyatt Hotels, the hospitality company has disclosed its divestment of the Jewel Paradise Cove property in St Ann, Jamaica.

While Playa has refrained from naming the party with which “it has entered into a binding agreement”, it shared the consideration price of US$28.5 million.

The cash transaction for the sale of the resort is subject to closing conditions. However, “the company offers no assurances that this sale will be completed. The company expects the transaction to close in the first quarter of 2025.”

If completed, the transaction will leave the Playa with only one Jewel-branded property in Jamaica – Jewel Grande Montego Bay Resort and Spa. However, the company has not indicated plans for this property.

In a search on the Playa website, Our Today found no link directing online users to the Jewel Grande Montego Bay home page. Additionally, links to the About US, Investor Relations, Playa Cares and Press Room pages either did not function or directed users to an error message.

Playa, in the meantime, will maintain ownership and/or management of the Hyatt Zilara and Ziva and Hilton Rose Hall hotels in St James.

Here in Jamaica, the company’s top line has been hit by US State Department-issued travel advisories warning Americans against travel to Jamaica, resulting in lower occupancy and tourism spend at some of its properties. In 2024 CEO and Chairman Bruce Wardinski expressed concern about the impact of the travel advisories on the business, and he shared plans to partner with Sandals Resorts International Chairman Adam Stewart in lobbying the Jamaican Government for an intervention.

The sale of Jewel Paradise Cove follows that of Jewel Palm Beach in Punta Cana, Dominican Republic.

On December 23, 2024, when Playa announced plans to engage in discussions with Hyatt, which could result in a divestment to the North American hospitality giant, Wardinski noted, “Our board and management team regularly review our structure, strategy and opportunities to enhance shareholder value, and we are pleased to enter into exclusive discussions with Hyatt regarding potential strategic options.”

Back in May 2020, Playa sold Jewel Dunn’s River Beach Resort and Spa and Jewel Runaway Bay Beach Resort and Waterpark to Sandals Resorts for US$60 million. Net proceeds from that transaction was US$58.7 million.