“This is not new” Sandals responds to reports of a sale

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    Sandals Resorts International has told Antigua News Room that “it’s business as usual,” in response to Reuters News Agency report that the hotel chain could be sold.

    “Sandals Resorts International is exploring options to accelerate the company’s long-term growth and development plans,” the company said in a statement.

    “This is not new” the statement said adding “meanwhile, it’s business as usual.”

    Reuters reports today that Sandals Resorts International, is exploring strategic alternatives including a potential sale of the company.

    The report said a sale would mark the first change in ownership for the company since it was founded 36 years ago by Gordon “Butch” Stewart, who built it into the largest non-government employer in Jamaica and created resorts across the Caribbean.

    According to the report, Sandals has hired investment bank Deutsche Bank AG (DBKGn.DE) to explore several options, including a sale of a majority stake in the company.

    Reuters sources said it could be worth well over $1 billion, including debt. There is no certainty the move will result in any deal, the sources added.

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