The Urban Development Corporation (UDC) has inked a deal for the sale of the Oceana Hotel to a Canadian/Jamaican consortium for $385 million.
The transaction is expected to close in 60 days.
Oceana is being sold to the Downing Street Group for “primary use as a hotel”, but the new owners will also be renting space to retail and commercial clients.
The partners in the consortium are Downing Street Partners Realty and Jamaica Property Company Limited, a member of Pan-Jamaican Investment Trust Limited.
Published in the Gleaner
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