National Hotels and Properties Limited (NHP), a wholly-owned subsidiary of the Urban Development Corporation (UDC), has today completed the sale of its 71,865,384 ordinary stocks units or 59.81% of the issued shares in Pegasus Hotels of Jamaica Limited (PHJL) to hotelier Mr. Kevin Hendrickson for the amount of US$11 million. The share sale and purchase transaction, which is the culmination of a public bidding process in which Mr. Hendrickson was the successful bidder, has been approved by Cabinet.