Business

For Sale

Former Wyndham Kingston goes on auction block Wednesday

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com

Sunday, August 10, 2014    

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Following years of delay, the former Wyndham Kingston Hotel in New Kingston will go on sale next Wednesday in what chartered surveyors Allison Pitter & Co expect will be an expedited auction.

"The session will last about an hour," Connel Steer, partner at Allison Pitter & Co, told the Jamaica Observer in a phone interview on Friday.

Allison Pitter & Co will "assist in the sale of the property" held by the receiver Ocean Chimo Ltd.

Steer added that interested parties will place their bids following the announcement of the reserve price.

"The reserve price will be known on the morning of the auction," he said.

The 303-room hotel includes a shopping arcade at the corner of Knutsford Boulevard and Trinidad Terrace.

In August 2011, the hotel owned by Ocean Chimo Limited was placed in receivership by RBC Royal Bank Jamaica and RBC Royal Bank Trinidad and Tobago for unpaid debts estimated at more than US$30 million ($3.3 billion). In 2012, it was placed on the market after Ocean Chimo, which was formed by Jamaican investor Delroy Howell to operate the hotel, failed to get an injunction in the Supreme Court to prevent the appointment of a receiver and the sale of the property by RBC to recover the debt owed to the bank.

An auction planned in April last year was postponed after fire damaged sections of the hotel. Last July, the Wyndham Hotel Group, which managed the property, pulled its name from the property.

"The hotel currently occupies a prime location and significant real estate in New Kingston's financial district and is easily accessible as well as secured. It was the only international branded hotel in Kingston and was popular with US corporate and international travellers," Allison Pitter & Co said in a notice on its website.

The former Wyndham Kingston hotel in New Kingston.

A section of the lobby inside the former Wyndham kingston hotel.

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