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Playa Hotels & Resorts has entered into a binding agreement with a third party to sell the Jewel Paradise Cove resort for a total consideration of $28.5 million in cash.
Located between Montego Bay and Ocho Rios in Runaway Bay, Jamaica, Jewel Paradise Cove Beach Resort & Spa is an adults-only all-inclusive and recipient of a 2020 Tripadvisor Travelers' Choice Award.
According to Playa, the sale of the resort is subject to customary closing conditions and there's no guarantee that the sale will be completed.
However, the company anticipates that the transaction will close in the first quarter of 2025.
The news comes one week after Playa announced that it is in talks to potentially be acquired by hotel giant Hyatt.
"Hyatt's interest in our company is a testament to the strength of our business and the dedication of our incredible Playa team," Playa Chairman and CEO Bruce D. Wardinski said in a statement.
In August, Playa agreed to sell the Jewel Palm Beach in Punta Cana, Dominican Republic to a third party for approximately $68 million in cash.
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