UDC Signs Agreement for Sale of Oceana Hotel
UDC SELLS OCEANA HOTEL: Senator the Honourable KD Knight (centre),OJ, QC, Chairman of the Board of the Urban Development Corporation (UDC) shakes hands with Daniel Odorico, President of The Downing Street Group after signing an agreement valued at J$385 million for the sale of the Oceana Hotel located downtown Kingston. At second right is Anthony Alberga, Chairman of The Downing Street Group. At left Patrick Peterkin, UDC Board Director and Yvette Sibble (second left), UDC’s General Counsel also participate in the signing which was held at the Office Centre Building on November 18, 2014. The Oceana property will be redeveloped for primary use as a hotel by the investors. The UDC which is spearheading the redevelopment of downtown Kingston facilitated the sale in its role as the Government of Jamaica’s main urban and rural development agency.