The Sagicor Group, through it’s Sagicor X Fund subsidiary has made another real estate acquisition. Sagicor, which currently owns 3 hotel on the north coast and are in the process of developing a mega water park project, have now added a major coup to their real estate arsenal.
The Gleaner reports:
Sagicor has now made its way into the tourism capital, Montego Bay, with the acquisition of the Blackstone Group-owned, Hilton Rose Hall Resort and Spa.
The deal was reportedly sealed last weekend, while Hilton made the announcement to its staff Monday afternoon, telling them that the new owners are expected to take full control by January 7, 2015.
This would bring Sagicor-owned properties on the island to four.
The company already owns, Jewel Dunn’s River, Jewel Runaway Bay and Jewel Paradise in the parish of St Ann.
The 489-room hotel is valued at USS$100 million, however, it is not clear how much it was sold for.