Pan-Jamaican Investment Trust Limited (“Pan Jam”) is pleased to announce the purchase of the Oceana Hotel (“Oceana”) in downtown Kingston, as well as a long term lease of the parking garage adjacent to the hotel, from the Urban Development Corporation (“UDC”) today in a $400 million cash transaction.
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 (“Downing Street”), a Toronto-based real estate developer with whom Pan Jam has enjoyed a long relationship. The initial phase of the project, already commenced, will be to develop a comprehensive master plan for the site, as well as to renovate and upgrade the parking garage.
Commenting on the transaction, Stephen Facey, Pan Jam’s Chairman & CEO said “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. 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. We look forward to working with him and his team as we continue to play our part in the revitalisation of downtown Kingston”.
