As Published in the Gleaner
John Issa, chairman of SuperClubs, and Richard Byles, president and CEO of Sagicor Life Jamaica, jointly announced Tuesday that they have reached a deal on the sale of the 226-room Breezes Runaway Bay hotel to the insurance company.
Sagicor will be rebranding the property The Jewel Runaway Bay Resort effective June 1, 2012. Sagicor is also the operator of the Jewel Dunn's River Beach Resort & Spa in St Ann.
The sale marks the return of the hotel to the insurance company's property portfolio. SuperClubs previously bought it from Sagicor in 2003.
The repurchase price was not disclosed.
In a joint statement issued yesterday, SuperClubs and Sagicor said they will be working together to ensure a smooth transition of ownership with no interruption to service. The employees of the hotel will all receive redundancy packages from Breezes and be available for rehire by the new operators.
SuperClubs originally leased the property in 1983 from the Urban Development Corporation through its subsidiary National Hotels and Properties.
SuperClubs now operates 10 properties in four countries, including Breezes Grand Resort & Spa Negril; Breezes Bahamas; Breezes Bœzios Resort & Spa in Brazil; Breezes Varadero; Breezes Bella Costa; Breezes Jibacoa in Cuba; and Hedonism II in Negril. SuperClubs also operates and independently markets affiliate ROOMS resorts in Ocho Rios and Negril, and Negril Beach Villa.
In the joint company release, Sagicor's Byles said that he sees great prospects for the property. "This acquisition increases our investment in the hospitality sector and specifically on the north coast. It is our intention to renovate and expand the hotel," he said.