Novamed acquires Knutsford Court Hotel
KINGSTON, Jamaica – Novamed Inc has acquired Knutsford Court Hotel in New Kingston from business leader Kevin Hendrickson through a specially created vehicle Novamed Properties.
Following the acquisition of Knutsford Court Hotel, which is expected to close in three months, Novamed intends on securing shares in a major hospital to complement the acquisition. The advisors on the transaction were legal firm Patterson Mair Hamilton through partners Arthur Hamilton and Kim HoSue and transaction advisory through Roots Financial Group Limited.
Hendrickson, who also owns the popular Courtleigh and Jamaica Pegasus hotels, is concentrating efforts on redeveloping the former Wyndham Hotel – all located on Knutsford Boulevard in New Kingston.
The acquisition of Knutsford Court Hotel, in an investment sized at over US$40 million between acquisition, closing and renovation, will be executed by Novamed Properties Limited – an investment vehicle specially created to acquire or operate real estate properties in the healthcare, lifestyle and commercial spaces.
Novamed, led by Founder Dr David Walcott along with Kirk-Anthony Hamilton who heads Tech Beach Retreat and Roots Financial Group founder, Kevin Donaldson, seeks to drive the transformation of emerging markets.
The company is focused on bringing innovative solutions to emerging markets in the Caribbean and Latin America through investments in healthcare specific assets including real estate, operating companies, and medical technology. Plans are in progress to transform the property into a model business and lifestyle village that will build healthy living, productivity and environmental sustainability into its operations.
“We believe that investing in healthcare extends beyond buyin hospitals and clinics, and extends into creating productive spaces in everyday life that facilitate healthy and sustainable undertones to our professional and personal activities,” stated Dr Walcott.
The acquisition of Knutsford is another step in bringing about an evolution of the Jamaican economic landscape to make it more inclusive, he said, adding that the space will become a hub for innovation, technology, health, and wellness.
More details will be provided in the coming weeks as Novamed approaches the relaunch of the location.
“Novamed’s acquisition of the Knutsford Court Hotel speaks to Mr Hendrickson’s confidence in our company and the vision that we have for the New Kingston area,” Hamilton said.
“We are extremely grateful to be the new owners of this property and the plans that we have for the property are second to none,” he added.
Today, Novamed’s portfolio of companies includes First Step, a medical education business and CareerMD, a professional consultancy for medical practitioners. Novamed also has invested in the 30-year-old Windward Medical Centre, whose services it has digitised since its 2018 acquisition, through the implementation of an electronic medical record (EMR) software with artificial-intelligence-driven decision making capabilities to optimise health care decisions around patients.