UDC Signs Agreement for Sale of Forum Hotel
The Urban Development Corporation has signed an agreement with Portmore Marina Development Limited (PMDL) for the sale of the Forum Hotel located in Portmore, St Catherine on January 28, 2014 at its Corporate Office, 12 Ocean Boulevard.
The deal which was inked at a cost of J$350 million falls within the broad vision of the Corporation for making development happen when and where it is needed in the context of national priorities.
According to Senator KD Knight, UDC Chairman commended the group of investors who decided to pursue the development in line with the original vision for the property. Continuing he noted, ‘this will be a catalyst for development from East to West of that area’.
In his remarks, Colin Fagan, Member of Parliament for South East, St. Catherine expressed his confidence in the project and highlighted its future impact in the creation of sustainable employment for persons.
The vision for the property will see restoration of the tower for accommodation purposes, refurbishing of the self-contained cottages on property as independent units, and upgrading of the fishing beach into a marina entertainment complex.
Desmond Malcolm, UDC General Manager reiterated the support of the Corporation in ensuring the project and the investors achieve success as the project fits into the UDC’s plans for developing the area into an entertainment and recreational hub.
The UDC has been actively pursuing the divestment of Forum for a number of years and in 2013 once again approached the market through a public tendering process. Portmore Marina Development emerged as the most viable bidder based on cost, development concept and conformity to the ecology of the area.
The Hotel Complex features an 11 storey, 200 room hotel building and was originally designed to accommodate restaurants, conference rooms, pool bar, and gazebos at the ground level.
The site also supports some 57 self-contained two bedroom cottages and 23 unimproved lots.
Michael Lake, Director of PMDL in his address stated, ‘the arrival of these waterfront properties is a landmark for the entire real estate market. We are immensely proud to be the catalyst for the regeneration of this prime property that has been waiting for the right developer, with the right insight and experience, to make this project a reality’.
The Forum Hotel which is located on just over 16 acres of prime real estate was opened in 1973 as the Adventure Inn Hotel. The property which is found just north of the iconic Rodney’s Arms, lies at the southern section of the Naggo Head to Port Henderson roadway and along the eastern section of a parochial road leading to Port Henderson Hills/Green Bay area.
The Forum Hotel is located only two (2) kilometres away from the Portmore Town Centre and approximately eight (8) kilometres from Kingston, the largest English-speaking Business district in the Caribbean.