Seiveright praises Sandals-Royal Caribbean deal

 

Minister of State in the Ministry of Industry, Investment & Commerce Delano Seiveright says Royal Caribbean Group's US$3 billion acquisition of a 50 per cent stake in Sandals Resorts demonstrates the potential for Jamaican businesses to grow into major international companies.

 

The agreement is expected to close early next year, subject to regulatory approvals and other conditions.

 

Seiveright says the significance of the deal extends beyond tourism, noting that the late Gordon "Butch" Stewart started with a single hotel in Montego Bay in 1981 before building one of the Caribbean's best-known hospitality companies.

 

" Today, Sandals and Beaches family comprises over 20 resorts across 10 Caribbean islands, one of the richest companies in the region. And we all saw the news about the partnership now that they have, uh, formed the Royal Caribbean. So the lesson is bigger than tourism. A Jamaican entrepreneur took a Jamaican-born concept and built a multinational Caribbean brand that is now a global brand."

 

He says Jamaica needs more entrepreneurs focused on building businesses that can expand, export and create significant employment.