MAY 13TH, 2017 – MAY 20TH, 2017
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VOLUME 13 - NO. 19
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IS BUTCH STEWART SELLING SANDALS? of labour for Jamaica, Antigua & Barbuda, Grenada, St Lucia, the Turks and Caicos Islands, The travel industry and second largest in The worldwide has been abuzz Bahamas. over the past week with The company, which reports that Jamaican hotel became famous for its magnate Gordon “Butch” commercials that feature Stewart is considering couples lounging in its tropical selling his Sandals Resorts resorts, owns 24 vacation International (SRI), the properties in seven Caribbean company that owns Beaches countries, including Jamaica, Turks and Caicos and several the Bahamas, Antigua, Turks other all-inclusive properties and Caicos Islands, Grenada across the Caribbean. and Barbados. The story about the Although Sandals possible sale was broken by caters primarily to couples, Reuters, one of the leading prohibiting children at most of newswire services in the world, its properties, it also operates which reported that Sandals a subsidiary called Beaches has hired investment bank Resorts that welcomes singles Deutsche Bank AG to explore and families. several options and strategic Stewart began his alternatives, including a sale career as a sales manager at of a majority stake in the Curacao Trading Company, company. before leaving in 1968 to The news agency, found his first company, which quoted officials who Appliance Traders Ltd, which asked not to be identified distributed and serviced air because the deliberations are conditioners. confidential, said the valuation Stewart, who recently of the company could not be celebrated 50 years in the learned, but sources said it business, was given a start in could be worth well over US$1 the air-conditioning business, billion, including debt. There by Bruno Giordano Jr, the is no certainty the move will nephew of the president of result in any deal, the sources Fedders Corporation of the added. United States. When contacted by It has one of the best The SUN about reports that beaches in the Caribbean and Stewart is selling Sandals the third-rated barrier reef for Resorts International, scuba diving in the world. The Sheryl McGaw-Douse Group hotel also boasts the largest Manager, Public Relations for water park in the Caribbean Sandals Resorts International, and with 16 restaurants, it said: “Sandals Resorts has more restaurants than International is exploring any resort in the Caribbean. options to accelerate the When Stewart founded company’s long-term growth Sandals in 1981, the company and development plans. This began as a single hotel near is not new. Meanwhile, it’s one of the largest beaches on business as usual.” Jamaica’s Montego Bay. A sale of SRI would He sought to mark the first change in differentiate it from competing ownership for the company resorts by emphasizing “allsince it was founded 36 years inclusive” packages, which ago by Stewart, who built it feature a single flat fee for into the largest private foreign lodging, meals and drinks. exchange earner and employer by Hayden Boyce Publisher & Editor-in-Chief
Chairman of Sandals Resorts International, Gordon “Butch” Stewart
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