- Junior Dowie
FINSAC Ltd. and Sandals Resorts International on Friday signed an agreement for the lease of Ciboney Ocho Rios Hotel to Rios Hotel Management Ltd., a member of the Sandals Group.
Here passing documents are Michael Hylton, seated left, FINSAC's managing director, and Jeffrey Pyne, director of Sandals Resorts International. Behind them are Gordon "Butch" Stewart, chairman of the Sandals Group, and Dr. Omar Davies, Minister of Finance and Planning.
The three-year lease began on September 1, 2000 yielding monthly rental of US$180,000. Sandals will have the option to purchase the property and related assets within three years for US$17.5 million.
