Playa Hotels & Resorts (PLYA) is expanding its hotel portfolio in Jamaica, after debuting as a public company on the Nasdaq almost one year ago.
In late February, the company agreed to acquire five properties and two land sites on the Caribbean island through a combination with Sagicor Group Jamaica Limited.
The transaction awards Sagicor, a financial services company based in Barbados, with $100 million in cash and 20 million shares of Playa common stock.
"[The deal] is going to change our business focus dramatically," Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts told TheStreet. "We'll have about a third of our rooms eventually in Jamaica and it increases our room count by about a third."Full CEO interviews on our Youtube Channel