Sagicor Group has welcomed the announcement that Playa Hotels and Resorts has secured additional financing of US$224 million.

Playa owns and operates the Hyatt Ziva and Zilaria hotels, as well as the Jewel Paradise Cove and Hilton Rose Hall resorts in Jamaica. Sagicor owns 15 per cent of Playa Hotels and Resorts via subsidiary Sagicor X Fund.

The conglomerate on Friday revealed that Playa Resorts and Hotels recently raised US$204 million of additional debt financing and sold US$20 million of its ordinary shares in a private transaction. This is total additional financing of US$224 million.

Playa has been on the hunt for liquidity support since conditions under COVID-19 caused a downturn in the hotel and travel trade.

Chris Zacca, president and CEO of Sagicor Group Jamaica, said, “This major improvement in Playa’s liquidity profile is certainly great news, and validates Sagicor Jamaica’s confidence that Playa will emerge successfully from the effects of the shutdown of tourism as the sector gradually reopens regionally.”