Gordon "Butch" Stewart dies

Pioneering Jamaican hotelier Gordon "Butch" Stewart has died.

Mr Stewart, 79, passed away in the United States on Monday.

The news was confirmed by Adam Stewart, Deputy Chairman of Sandals who, in a statement, said his father had chose to keep a very recent health diagnosis private.

Gordon "Butch" Stewart founded a vast Caribbean business empire, starting with Appliance Traders Limited in 1968, which grew to become the ATL Group, then he went into the hotel business, creating Sandals Resorts International, starting with one property in 1981, eventually evolving into two main brands throughout the Caribbean - Sandals Resorts and Beaches Resorts.

In 1993 he also entered the media business, establishing the Jamaica Observer newspaper.

On April 14, 1992 Butch Stewart initiated an effort to defend the value of the Jamaican dollar by injecting a million US dollars each week into the foreign exchange market at a set rate. That became known as the "Save the Dollar" initiative.

The initiative was supported by thousands of Jamaicans who were mobilised by Dr Leachim Semaj on Radio Jamaica's "Night Doctor" show. They also agreed to sell their foreign exchange to the banks at a set rate which undercut the power of the speculators.

The younger Stewart described his father as "a marketing genius and talented showman," but also said that "those who knew him best recognized that he was a dreamer who could dream bigger and better than anyone."