News

Sagicor buys third hotel

Saturday, February 23, 2013    

Print this page Email A Friend!


SAGICOR Life Jamaica has acquired a 225-room beachfront hotel to add to its Jewel Resorts all-inclusive portfolio.

The Salem, St Ann property, which is currently operated under the Royal Decameron brand and which was previously operated by SuperClubs, is the third to be bought by the life insurer in three years.

Sagicor assumed operation of the Jewel Dunn's River property in Mammee Bay, St Ann in 2010, and last April opened the family all-inclusive Jewel Runaway Bay Resort with the 18-hole championship golf course.

The acquisition also brings the total number of rooms under Sagicor's management to 741.

The company plans to refurbish the rooms and main guest areas, and expects to start operating the property as an adult-only resort next winter season, which begins in December. The product offering will be focused on healthy lifestyle and sports.

Decameron will continue to operate the hotel as a family resort until the end of summer.

"This acquisition increases our investment in the hospitality sector during a period where there are very attractive properties being offered at reasonable prices with great potential to the market," said Richard Byles, Sagicor Life president and CEO.

The hotel is being bought through one of the Sagicor-managed real estate funds.

"The tourism sector is a major growth area and foreign exchange earner for Jamaica, and offers Sagicor the opportunity to further diversify its investment product offerings," said Rohan Miller, chief investment officer at Sagicor Life.

Currently, the hotel features a beachfront location, water slide, tennis and basketball courts, three swimming pools, three bars and four restaurants, fitness centre, three whirlpool hot tubs and a nightclub.

A water park is also being designed for construction at the Jewel Runaway Bay property.

ADVERTISEMENT

POST A COMMENT

HOUSE RULES

 

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper – email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT
ADVERTISEMENT

Poll

Did the NWC prepare adequately for the current drought?
Yes
No


View Results »


ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT