Sandals Resorts International is exploring strategic alternatives that include a potential sale of the company, reports Reuters.
The company has hired Deutsche Bank AG to explore options, which include selling a majority stake – with the valuation of the company reported to potentially reach over $1 billion, including debt.
Founded in 1981 by Gordon ‘Butch’ Stewart, Sandals has become the largest employer in Jamaica outside of the government, featuring 24 properties across the Caribbean. The company, which caters mainly to couples, also owns a subsidiary, Beaches Resorts, which is billed as a family-friendly resort.
Sources close to the company stressed that despite the reports, there was no guarantee that the discussions would lead to a sale.