Business Briefs

Playa earns US$26m in quarterly revenue

Hotels in Jamaica managed by Playa Hotels & Resorts earned revenue of US$26.2 million (about $4 billion) over three months ending June 2021. Revenue over six months, January to June, amounted to US$38.8 million.

In Jamaica, Playa Hotels operates the Hyatt Zilara Rose Hall, Hyatt Ziva Rose Hall, Hilton Rose Hall Resort & Spa, Jewel Grande Montego Bay Resort & Spa, and Jewel Paradise Cove Beach Resort & Spa.

The hotel company otherwise operates properties in Mexico and Dominican Republic, and has some 8,366 rooms in its portfolio across all geographic markets.

Sagicor pays over US$100m to New Fortress

Natural gas supplier New Fortress Energy says Sagicor Group Jamaica has paid over the US$100 million it is investing in Jamalco power plant under a sale and leaseback agreement.

New Fortress is selling the Jamalco asset for US$285 million but will continue to operate it through NFE South Power Holdings Limited.

Sagicor Investments Jamaica is arranging the second leg of financing for the balance of US$185 million from local, regional, and international investors. New Fortress Chairman Wes Edens has said the second round is expected to be completed this month.

Hyatt to buy resort manager Apple Leisure

Hyatt Hotels will buy resort-management company Apple Leisure Group from two private equity firms for US$2.7 billion.

Apple Leisure manages about 100 Secrets, Dreams and Breathless resorts with more than 33,000 rooms in 10 countries. It also operates tour packages to Mexico and the Caribbean.

The acquisition will double Hyatt’s presence in the resort business, the company said.

Hyatt announced the deal with affiliates of private equity firms KKR and KSL Capital Partners on Sunday and said it will close in the fourth quarter. It ill fund the purchase from cash, including the sale of US$2 billion in assets, and has a US$1.7 billion financing commitment from J.P. Morgan.