Sold: Ritz-Carlton Golf & Spa Resort in Rose Hall, Jamaica

Playa Hotels & Resorts B.V. (the "Company"), a leading owner, operator and developer of all-inclusive beach resorts, announced today the completion of its acquisition of a resort that operated until recently as The Ritz-Carlton Golf & Spa Resort, Rose Hall, Jamaica (the "Resort"). The Company is planning to commence a major enhancement and expansion project later this month, which is expected to be completed spring 2014. The Resort will be re-launched as Hyatt Ziva Rose Hall, Jamaica.

The Resort is situated in Rose Hall, Jamaica--one of the leading destinations in the Montego Bay market. The acquisition includes the existing hotel, prime beachfront adjacent to the hotel and the surrounding grounds with the exception of the White Witch Golf Course.

The Resort, which closed in May, presently includes 427 guest rooms and suites, 15,000 square feet of meeting and event space and a full-service spa. The planned major expansion of the 13-year old property will include an update to all existing guestrooms, meeting and event space, as well as the public areas. The expansion also includes the addition of 124 luxury suites and swim-up suites, a new swimming pool, and several new food and beverage options for guests which will enable the Resort to meet Hyatt's all-inclusive standards.

Bruce Wardinski, CEO for Playa Hotels & Resorts B.V., said, "Rose Hall is one of the most beautiful and pristine resort developments in Jamaica and throughout the Caribbean so it was essential that we bring a strong brand to the Resort to ensure its ongoing success. We believe the Hyatt Ziva brand and the experiences it will create for families will make it a perfect fit for the luxury reputation of Rose Hall. We are confident that working with the tourism community in Montego Bay, the renovated resort will be well-received and tremendously successful in continuing to enhance and grow the upscale reputation and tourism for this destination," added Wardinski.

The Rose Hall property has long been considered the finest luxury resort in Jamaica, and its original classical design will be enhanced and modernized in line with the Hyatt Ziva brand. The large new suites will be designed to have water views and wide terrace balconies. The existing hotel pool will be completely re-designed with new features and a new oversized swimming pool will be added to the property allowing more than half of the hotel's ground floor suites to have swim-up access. A completely new Food and Beverage Village will be designed to offer guests a choice of five new themed dining venues, several bars and a lush landscaped, multi-level entertainment terrace overlooking a new entertainment amphitheater right on the seaside.