KINGSTON, Jamaica, Thursday September 28, 2017 – Financial powerhouse Sagicor Group Jamaica has rolled out plans to construct a mega luxury property – its biggest yet under the company’s hotel brand Jewel.
The proposed US$200 million investment in an 800-room hotel on 26 acres of land in Montego Bay is the largest to be developed by a local company.
“We are going to build a new hotel on the land,” disclosed Rohan Miller chief executive officer at Sagicor Real Estate X Fund – the property acquisition and development vehicle for the financial conglomerate – which is spearheading the project.
This would bring to five the number of Sagicor’s Jewel-branded resorts, adding to the Jewel Grande Montego Bay, which was opened officially on Sunday, as well as Jewel Runaway Bay, Jewel Dunn’s River and Jewel Paradise Cove, all in St Ann.
The company’s largest hotel is the 742-room Hilton DoubleTree in Orlando, Florida which was acquired two years ago.
With building approvals granted for the project, preparatory work has already begun, but no timeline for completion has been given.
According to the Jamaica Gleaner newspaper, the projected new Rose Hall investment, together with the Jewel Grande expenditure, will push Sagicor’s total investment in hotels to just under US$700 million based on the US$403 million that Sagicor Jamaica Group and X Fund chairman Richard Byles reported last year as having been invested in hotel properties up to that point.
However, Miller noted that while the company is determined to strengthen its foothold in the lucrative tourism industry, there was no immediate plan to take on more resort development projects or property acquisitions.
“Right now, we are focusing on consolidating Jewel Grande and making some money on that investment,” he said.