Sandals Resorts International has neither confirmed or denied whether founder and chairman Gordon ‘Butch’ Stewart is exploring a potential sale of the company.
SRI issued a statement to Jamaica’s Financial Gleaner on Thursday saying: “Sandals Resorts International is exploring options to accelerate the company’s long-term growth and development plans. This is not new. Meanwhile, it’s business as usual.”
This came in response to a Reuters report suggesting that Sandals had hired investment bank Deutsche Bank AG to explore several options, including selling a majority stake in the all-inclusive Caribbean resort group.
Sandals Resorts is a privately held company and its finances are unknown, although Reuters has speculated its value at $1 billion, inclusive of debt.
The company comprises 24 properties spread across several Caribbean islands, including Antigua, St Lucia, Barbados, The Bahamas, and its home market of Jamaica.
The hotel group operates five brands, including Sandals and Beaches.