Palace Resorts opens Jamaica property, may spend $300M on more

Palace Resorts announced this week that it plans to increase investment in Jamaica’s hotel sector.

Information on the plan was provided by the company's EVP Gibran Chapur at the recent official opening of Moon Palace Jamaica Grande, the first resort property outside of Mexico to be opened by that country’s largest hotel chain. Chapur noted that the company has already invested more than $200 million in Jamaica. "Why not invest $300 million more?”

Chapur said that the company is working on plans to acquire new properties in order to build new five-star hotels. Palace Resorts spent $210 million to rebrand  the former Sunset Jamaica Grande into the new Moon Palace. 

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Jamaica's Tourism and Entertainment Minister Dr. Wykeham McNeill said he was pleased that Palace Resort was looking at further investment, as it would be a further boost to the tourism industry. “We’re really seeing a transformation of Jamaica’s tourism,” he said.