PanJam Investment Limited acquired six acres of land for a hotel and shopping centre in Freeport, Montego Bay, one of a series of new investments being pursued by the property conglomerate.
The hotel targeted at business travellers will be developed on lands adjacent to the Montego Freeport Cruise Terminal. It would become PanJam’s first project in the resort city, and its third hotel property to be developed in recent years in Jamaica.
PanJam previously telegraphed that it was searching for lands for a hotel, but did not reveal the site until Thursday at its annual general meeting, where it also disclosed that the project included a retail centre.
Chairman and CEO Stephen Facey said the hotel would capitalise on the growth of international business in the parish of St James, particularly the BPO/call centre market and cruise ship visitors.
“All of the hotels are all-inclusive. So anybody on business that wants a bed to sleep at night but is spending the day outside the hotel, and also eating out, they have no product at a price that is appropriate,” Facey told shareholders from the Courtyard by Marriott hotel in New Kingston in which PanJam is a principal owner. Its second hotel is still a work in progress on the Kingston waterfront – the former Oceana Hotel.
The Freeport hotel is in the initial design and master plan phase. PanJam said that consultants it hired for the project are in agreement that there is demand for such a product in Montego Bay. The hotel will occupy one and a half acres of the Freeport site, while the other four and a half acres is for mixed use space, including retail shops directed at the resort market.
Published in the Jamaica Gleaner
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