MIAMI - Feb. 27, 2018 – Greenberg Traurig, P.A. Miami Shareholders Steve Bassin, Seth J. Entin, and Associate Bryan D. Saul represented Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (Playa), in the negotiations of its definitive agreement for a business combination with Sagicor Group Jamaica Limited (Sagicor) in which Sagicor will contribute to Playa a portfolio of five all-inclusive resorts and two adjacent oceanfront developable land sites located on the desirable North Coast of Jamaica.
The portfolio includes four existing resorts, including the 489-room Hilton Rose Hall, the 268-room Jewel Runaway Bay, the 250-room Jewel Dunn’s River, and the 225-room Jewel Paradise Cove. It also includes an 88-room hotel tower and spa, two developable land sites with a potential density of up to 700 rooms, and a hotel management contract for the Jewel Grande Palmyra. The existing assets are currently managed by an external third-party operator and upon closing of the transaction, Playa will be able to immediately internalize and self-manage the assets.
In exchange, Sagicor will receive 20 million shares of PLYA common stock and $100 million in cash. In addition, Playa has agreed to nominate two Sagicor appointees for election to Playa’s Board of Directors in connection with the consummation of the transaction.
“We were very pleased to assist Playa with this transaction that brings a number of high-quality properties to its portfolio and makes it one of the largest resort owners and operators in Jamaica,” said Bassin, a shareholder in Greenberg Traurig’s Real Estate Practice, who led the deal team. “We expect that the company’s track record and management expertise will to lead to improved performance for these assets.”
Bassin has substantial experience in a broad range of commercial real estate transactions involving hospitality properties in the US and abroad. He frequently represents developers, banks, institutions, REITs, private equity funds, operators and investors in acquisitions, dispositions, financings, joint ventures and related corporate work.
Playa Hotels & Resorts is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in Mexico and the Caribbean. The company currently owns and operates the Hyatt Zilara Rose Hall and Hyatt Ziva Rose Hall in Jamaica. This new business combination with Sagicor will make Playa one of the largest resort owners and operators in Jamaica – both in the total number of rooms and number of brands under management.
About Greenberg Traurig
Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2017 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.