Palmyra deal closes

Jamaica Gleaner - - BUSINESS - Busi­ness@glean­erjm.com

This story was first re­ported on­line at ja­maica-gleaner.com/busi­ness

SAGI­COR GROUP Ja­maica an­nounced the con­clu­sion of the deal by its man­aged funds to ac­quire 217 of the 277 res­i­den­tial units in con­do­minium re­sort de­vel­op­ment Palmyra Re­sort & Spa and its ad­join­ing power plant.

“The Sagi­cor Man­aged Funds will now work with the re­main­ing unit hold­ers to re-es­tab­lish the prop­erty,” said Sagi­cor in a state­ment.

Sagi­cor dis­closed, in an in­di­rect way, that the ac­qui­si­tion price was about US$49 mil­lion.

Hav­ing noted that prior in­vest­ments in re­sort as­sets by Sagi­cor Man­aged Funds over the last five years amounted to US$354 mil­lion, Pres­i­dent and CEO of Sagi­cor Group Richard Byles then noted in ref­er­ence to Palmyra that “this lat­est ac­qui­si­tion brings the to­tal sums in­vested in ho­tel prop­er­ties to US$403 mil­lion – mak­ing the man­aged funds of Sagi­cor the third largest ho­tel owner in Ja­maica, earn­ing US$100 mil­lion each year and grow­ing”.

Palmyra is an in­com­plete condo com­plex in Mon­tego Bay, which was placed in re­ceiver­ship by its bankers. The takeover by the banks is be­ing fought in court by cre­ator of the project, Robert Trotta, who de­nies that his com­pa­nies are in­debted to the banks.

Palmyra is de­signed as a 288-room ho­tel/con­do­minium com­plex en­com­pass­ing three Richard Byles, pres­i­dent and CEO of Sagi­cor Group Ja­maica.

tow­ers on 16 acres of seafront lands at Rose Hall.

At takeover by the banks, it had 103 own­ers of in­di­vid­ual con­dos, with 97 units re­main­ing for sale on the two com­pleted blocks known as Sa­bal Tower and Sil­ver Tower. The shell of a high-rise ho­tel de­signed for 88 stu­dio suites, called Sen­try Tower, and 11 three-bed­room vil­las were at vary­ing stages of com­ple­tion. An artist’s im­pres­sion of the Sa­bal Sil­ver Palm Club­house at Palmyra in Rose Hall, Mon­tego Bay.

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