Gloucestershire up for sale
Attorney Peter Millingen, one of the executors for the estate of late hotelier John Sinclair, says the 96-room Gloucestershire Hotel is being offered for sale at close to half of the estimated replacement cost.
The Gloucestershire is located on Gloucester Avenue in Montego Bay, across the road from Doctor's Cave Beach.
The property was called Quality Inn before its rebranding in 2007.
The current asking price is US$6.25 million, or nearest offer. Its estimated replacement value is US$13 million, said Millingen.
The Gloucestershire is held by the Montego Bay Investment Company Limited. Millingen, who describes himself as one of several executors, said Monday that the hotel is being sold as required by Sinclair's will. He also suggested that a vendor's mortgage was a possible option, "depending on the terms".
Explaining the lag time between approximate time of death in 2013 and the planned disposal, the lawyer indicated that probate was a factor.
In 2012, just one year before he passed away, the hotelier had reopened the then 93-room property after three years of closure, revealing that he had pumped close to US$6 million into what he said was a "brand new resort".
He said then that the entire property had been gutted and that the bedrooms, bathrooms, the roofing on one section, and most of the furniture were new. Boardrooms and conference rooms were added.