JAMPRO Plays Matchmaker For Hotel Listings

Several small hotels across Jamaica are listed on a website which JAMPRO, the government's investment promotions agency, has dedicated to diaspora matchmaking.

The properties listed as available for sale or in need of investors are the 85-room Wexford Hotel in Montego Bay; Jamaica Palace Hotel, a five-acre property comprising 80 rooms and suites in Portland; and Morgan's Harbour Hotel and Marina in Kingston, with 59 rooms, which is priced at US$8 million.

Gayle Barrett, senior consulting officer with JAMPRO, said the properties were still on the market.

Also listed is the proposed Golden Sun Resort in Runaway Bay, St Ann - a property intended for a 60-bed health and retirement centre and for which a joint-venture partner is being sought, JAMPRO said.

A company representative for The Wexford Hotel said the asking price for the property is US$9 million and that the owners - the Allens - were also selling another property in Reading, the 21-room Syrynity guest house, for which the asking price is US$3 million. The proceeds of the sales are intended for new investments now under consideration, she said.

The Allens purchased the Wexford from Godfrey Dyer in 2006 for an undisclosed price and since then has pursued US$4 million in upgrades, including 20 rooms and seven suites, a parking lot, a new conference centre and refurbishment of bar, dining, kitchen, laundry and other facilities.

Occupancy at Wexford, the representative said, averages 80 per cent while Syrynity, which does "a lot of weddings", averages 50 per cent.

Source: 
Jamaica Gleaner
Published Date: 
Friday, January 24, 2014