SAGICOR Life Jamaica has acquired a 225-room beachfront hotel to add to its Jewel Resorts all-inclusive portfolio.
The Salem, St Ann property, which is currently operated under the Royal Decameron brand and which was previously operated by SuperClubs, is the third to be bought by the life insurer in three years.
Sagicor assumed operation of the Jewel Dunn's River property in Mammee Bay, St Ann in 2010, and last April opened the family all-inclusive Jewel Runaway Bay Resort with the 18-hole championship golf course.
The acquisition also brings the total number of rooms under Sagicor's management to 741.
The company plans to refurbish the rooms and main guest areas, and expects to start operating the property as an adult-only resort next winter season, which begins in December. The product offering will be focused on healthy lifestyle and sports.
Decameron will continue to operate the hotel as a family resort until the end of summer.
"This acquisition increases our investment in the hospitality sector during a period where there are very attractive properties being offered at reasonable prices with great potential to the market," said Richard Byles, Sagicor Life president and CEO.
The hotel is being bought through one of the Sagicor-managed real estate funds.
"The tourism sector is a major growth area and foreign exchange earner for Jamaica, and offers Sagicor the opportunity to further diversify its investment product offerings," said Rohan Miller, chief investment officer at Sagicor Life.
Currently, the hotel features a beachfront location, water slide, tennis and basketball courts, three swimming pools, three bars and four restaurants, fitness centre, three whirlpool hot tubs and a nightclub.
A water park is also being designed for construction at the Jewel Runaway Bay property.