UDC sells Oceana Hotel in $400 million deal
Pan-Jamaican Investment Trust Limited (Pan Jam) has announced the acquisition of the Oceana Hotel in downtown Kingston from the Urban Development Corporation (UDC) in a $400 million cash transaction.
The deal includes a long term lease of the adjacent parking garage.
The Oceana has been purchased by a joint venture of Pan Jam, through its wholly-owned subsidiary Jamaica Property Company, and Downing Street Realty Partners - a Toronto-based real estate developer.
Pan Jam says the initial phase of the project, has already started and will be to develop a comprehensive master plan for the site, as well as to renovate and upgrade the parking garage.
"We are extremely pleased with this acquisition, and to be able to continue the vision of my late father the Hon. Maurice Facey, who was passionate about the redevelopment of downtown Kingston," said Stephen Facey, Pan Jam’s chairman and CEO.
"It is also a distinct pleasure to have been invited to join Mr. Tony Alberga, Chairman of Downing Street and a long time friend of both Pan Jam and the Facey family, in this venture," he said.
WATCH: The Gleaner Minute