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JAMAICA | Sandals Resorts “exploring options” in response to reports of potential sale

Featured Sandals founder and chairman Gordon ‘Butch’ Stewart is exploring a potential sale of the hotel management company. Sandals founder and chairman Gordon ‘Butch’ Stewart is exploring a potential sale of the hotel management company.
KINGSTON, Jamaica, May 12, CMC – Sandals Resorts International (SRI), the all inclusive resort operator has confirmed that it  is currently exploring options to accelerate the company’s long term growth and development plans.

sandalsThe company made the statement to the Jamaica Gleaner in response to a report by Reuters news agency which said that the resorts founder and chairman Gordon ‘Butch’ Stewart is exploring a potential sale of the hotel management company.

Reuters, citing sources said that Sandals Resorts International has hired investment bank Deutsche Bank AG to explore several options, including selling a majority stake in the more than three-decade-old resort group.

“This is not new. Meanwhile, it’s business as usual,” the statement read.

Sandals is a privately held company and its finances are unknown, although Reuters placed its value at US$1 billion, inclusive of debt.

Sandals Resorts now comprises 24 properties across the Caribbean including Antigua and Barbuda, St Lucia, Barbados, The Bahamas and Jamaica.

The hotel company had its beginnings in 1981 when Stewart acquired Bay Roc hotel, located in the western resort town of Montego Bay.

While the resort chain caters primarily to couples, prohibiting children at most of its properties, it also operates a subsidiary, Beaches Resorts, which welcomes singles and families.

  • Countries: Jamaica