Fri | May 26, 2017

FDR Pebbles sold

Published:Thursday | May 21, 2015 | 5:30 AM
A view of the swimming pool area at FDR Pebbles in Trelawny.

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UPDATE: This article has been updated and the headline changed to remove incorrect references to FDR Resort in Runaway as being included in the sale.
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The Development Bank of Jamaica (DBJ) said on Friday that it has concluded the sale of resort property FDR Pebbles.

Neither the buyer nor the terms of the sale were disclosed. 

"The DBJ's legal department has just advised that the sale for FDR [Pebbles] has, in fact, been completed," said DBJ Managing Director Milverton Reynolds. "However, we cannot yet disclose any information relating to the name of the purchaser, sale price, etc, without the purchaser's consent," he said.

The 100-room FDR Pebbles is located in Falmouth, Trelawny. The hotel was placed on the market in late 2010 by the DBJ to recover bad debts. The bank held a mortgage over the asset. It was previously reported that the asking price for the 4.3-acre FDR Pebbles was US$14 million.

Two other hotel properties that were put up for sale by the DBJ at the same time as the FDR property - Ocean Sands in Ocho Rios and Parottee in St Elizabeth - are still on the market.

avia.collinder@gleanerjm.com