Richard Byles, President and CEO, Sagicor Group, announced on Thursday that Sagicor Managed Funds has invested in the Palmyra Resort and Spa, a condominium resort development in Montego Bay, St James.

He said the group has also invested in the adjoining power plant owned by Caribbean Green Power Systems Limited.

Both properties were in receivership. National Commercial Bank, debt holder in Palmyra, has been trying to sell the resort for some years.

In a related release, the group said the property was already internationally known. “The Palmyra Resort and Spa has been recognised for its outstanding design and development by International Property Awards. It was named to Travel and Leisure’s exclusive 2007 list of ‘Top Ten Most Exciting Developments in the World’, and has received extensive coverage in the

New York Times, Wall Street Journal, Sunday Times, The Financial Times and The Telegraph, as well as Luxury Living andCountry Life international,” it was noted

Byles, who did not disclose the amount invested, said Sagicor now has $41 billion invested in hotel properties, “making us the third largest hotel owner in Jamaica, earning on behalf of clients, US$100 million each year”.

He said that over the last four years Sagicor and its managed funds invested approximately US$200 million in the acquisition and refurbishing of resort properties and attractions in Jamaica.

Other properties in the portfolio include the Hilton Rose Hall Hotel, Runaway Bay Golf Club, Jewel Runaway Bay, The Jewel Lagoon Waterpark, Jewel Paradise Cove, Jewel Dunn’s River, and the Double Tree by the Hilton Hotel in Orlando, Florida.

Palmyra will bring the resort count to seven in the Sagicor portfolio.

Sagicor Group Jamaica is a financial services conglomerate.