MONTEGO BAY, Jamaica – JAMPRO is pleased to extend congratulations to one of its client investors, Playa Hotels and Resorts, B.V. (“Playa”) for winning the prestigious ‘Single Asset Transaction/Deal of the Year Award’ at the 2014 Caribbean Hotel and Resorts Investment Summit (CHRIS) held at the JW Marriot in Miami between April 29 and 30, 2014.
Playa, which recently acquired the former Ritz Carlton property in Montego Bay, collaborated with JAMPRO during the entire process, from the sale transaction to the facilitation of permits and approvals for the new 5-star Hyatt Ziva Rose Hall and Hyatt Zilara Rose Hall, scheduled for opening in November 2014.
The Hyatt Ziva Rose Hall (for guests of all ages) and the Hyatt Zilara Rose Hall (for adults only) are poised to become one of the region’s finest all-inclusive resorts with a combined 621 suites. The re-imagined property will offer an assortment of upscale amenities, a full service spa and wellness service, 10 restaurants as well as more than 40,000 square feet of flexible meeting and event space for conferences, conventions and weddings.
JAMPRO’s President Diane Edwards described the Playa’s investment as a testament to the Agency’s efforts to ensure that existing hotels are kept in operation. “We were pleased to have facilitated Playa through our Investment Promotions Division from start to finish in this investment deal”, said Diane Edwards.
“The Hyatt Ziva and Hyatt Zilara are luxury brands appealing to well-heeled clientele, in an all-inclusive model, but improved to offer more amenities to tourists visiting Jamaica”, she added.
The JAMPRO President noted that renewed focus will be placed on other brownfield hotels not in operation; and that there are plans in train to package green-field hotel sites along with UDC, TEF, and NEPA for marketing to local and international clients.
Bruce Wardinski, Chief Executive Officer for Playa, says the International hotel chain is honoured and delighted by the accolade. “The acquisition of the former Ritz-Carlton Rose Hall property was a significant step forward in establishing the foundation for Playa to become a leader in the all-inclusive resort market,” Wardinski said.
The CHRIS Single Asset Deal of the Year Committee made the top award to Playa on the basis of:
• Significance of transaction – The existing resort already had 427 rooms, significant meeting space and spa. Playa is also adding another 194 luxury suites, a Food and Beverage Village with five new dining venues, and an amphitheater.
• Significance of destination – Jamaica is certainly a destination to which most people readily relate and the Rose Hall area is of special interest.
• Unique characteristics of the transaction – This transaction was especially of interest; resorts are typically repositioned either up or down, but rarely across. Ritz-Carlton is a great brand; Hyatt is another great upper tier brand.
• The conversion of a luxury, group oriented hotel to an all-inclusive resort made it unique to Jamaica. Hyatt’s entry into the all-inclusive market is in its infancy; the new Ziva and Zilara brands were announced at almost the same time as the transaction occurred (August 2013). Top tier hotels with commensurate service levels are still relatively new in the all-inclusive segment
