New Oceana Hotel owners in talks to develop property
The new owners of the Oceana Hotel in downtown Kingston say they are in discussions with restaurateurs, movie theatre operators and a night club owner to develop the property.
The Oceana Hotel, which housed the Health Ministry has been acquired by a consortium in a $400 million deal with the Urban Development Corporation.
The deal includes a long-term lease of the adjacent parking lot.
President and chief financial officer of Downing Street, Daniel Odorico, says the Oceana building says the property is to be primarily used as a hotel.
He says the building is to be refurbished on a phased basis with the remodelling slated to begin in the first quarter of next year.
The Oceana Hotel was built in 1977, with 388 rooms.
It was modified in 1996 and leased to the Ministry of Health in 1997.
The complex was first placed on the market in 2008.
In March 2013, a $350 million deal was approved by the Cabinet for sale of the hotel to National Health Fund, but the transaction failed to close, with no explanation on why the deal was cancelled.
WATCH: The Gleaner Minute