Pan-Jamaican Investment Trust Confirms J$400 Million Oceana Hotel Cash Transaction

On November 18, 2014, Pan-Jamaican Investment Trust Limited (PJAM) announced 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”) in a $400 million cash transaction. The Oceana has been purchased by a joint venture of PJAM, through its wholly-owned subsidiary Jamaica Property Company, and Downing Street Realty Partners (“Downing Street”), a Toronto-based real estate developer with whom PJAM 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.