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Scotia lends Mexicans US$51m for Ja Grande hotel


Financial conglomerate Scotia Group Jamaica (SGJ) revealed that it approved US$51 million (J$5.6 b) in financing to the Mexican-based Palace group to acquire the former Sunset Jamaica Grande slated to reopen in April.

Concurrently, the hotel plans to attract visitors with its grand opening party in May led by reggae star Shaggy, according to official online information.

But the loan represents a sizable amount for the conservative banking institution or roughly one-third of Scotia’s new loan growth. It also gives an indication of at least partial financing for the hotel purchase which hitherto was not disclosed.

Published in the Observer
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