Playa Resorts agrees to sell Jewel Paradise Cove for $28.5M

Playa Hotels & Resorts has agreed to sell Jewel Paradise Cove in Jamaica for $28.5 million (USD) in cash.

According to a Dec. 31 press release, the sale of the resort is subject to customary closing conditions, and the hotelier offers no assurances that the sale will be completed.

Playa, however, anticipates that the transaction will close in the first quarter of 2025.

READ MORE: Playa sells Jewel Palm Beach for $68 million

The adults-only, all-inclusive property is located between Montego Bay and Ocho Rios in Runaway Bay, Jamaica.

The announcement comes one week after Playa announced that it has entered talks to be possibly acquired by Hyatt.

"Hyatt's interest in our company is a testament to the strength of our business and the dedication of our incredible Playa team. The Playa Board and management team will remain open-minded and continue to act in the best interests of all Playa shareholders,” said Bruce D. Wardinski, chairman and CEO of Playa Hotels & Resorts, in a statement.

Properties exit portfolio 

Last August, Playa sold Jewel Palm Beach in Punta Cana, Dominican Republic for $68 million (USD) in cash.

The Yucatan Resort in Playa del Carmen is also leaving Playa’s portfolio, as PAX first reported last month.

The all-inclusive boutique property, which opened in Playa del Carmen in May 2020, is set to become a European Plan (EP) hotel.

Due to this change, the property will no longer be managed by Playa, effective February 5, 2025.

To ensure uninterrupted service to guests, Playa will be automatically upgrading existing Yucatan reservations after February 5, 2025, to the adults-only Hilton Playa del Carmen, which is a five-minute walk away.

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