Tue | May 22, 2018

Olympia Crown listed for sale, owner eyes retirement

Published:Wednesday | January 3, 2018 | 12:00 AMAvia Collinder

Olympia Crown Hotel, located on Molynes Road near the heart of Half-Way Tree in Kingston, has been placed on the market by owner Robert Forbes.

Forbes, 65, who is also managing director for the 92-room hotel, told Gleaner Business that he needed funds for retirement.

"I owe no one. I want to retire now," he said.

The property is now two decades old, having opened its doors in 1997. The asking price for Olympia Crown is $688 million, which is also listed on major property sites in five alternate foreign currencies US$5.5 million; CDN$6.89 million; €4.69 million; or £4.19 million.

Forbes said the price was negotiable.

He said the hotel has around 40 per cent occupancy year-round, and earned revenue that "paid the bills.

"It's a local hotel patronised by a lot of locals. Returning residents also come," the managing director said.

Forbes said Olympia Crown was currently his only business, apart from construction projects pursued periodically, including some apartments.

avia.collinder@gleanerjm.com