Sagicor Real Estate X Fund and Sagicor Group have announced that an approximately J$39 billion deal with Playa Hotels & Resorts N.V., is now complete.
Sagicor Real Estate X Fund entered into an agreement with the NASDAQ listed all-inclusive owner and operator, to combine their tourism assets earlier this year.
The company is now reporting that it has met all contractual requirements.
In keeping with the terms of the transaction, Jewel Resorts and Hilton Rose Hall Resort & Spa employees will be placed on new employment contracts with Playa, effective June 1.
A series of consultative meetings were held together with Playa representatives prior to the redundancy exercise and plans for the future were outlined for staff during the initial stages of the transition.
The Sagicor Entities and their stakeholders are now expected to benefit from an expanded presence in resort markets in Mexico, The Dominican Republic and Jamaica, as well as being invested in as a listed entity on the NASDAQ.
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