Jamaica Reserves Hotel Sale

The Jamaican government is looking to sell its 59.81% stake, or about 71.8m shares, in the Jamaica Pegasus Hotel in Kingston, which it owns through subsidiary National Hotel Properties. The hotel, which is publicly traded on Jamaica’s Stock Exchange, has a market cap of JMD2bn. Scotia DBG has been appointed as lead broker for the sale. Lissant Mitchell, senior vice president at Scotia DBG, tells LatinFinance that the bank is doing a valuation exercise and has had initial discussions with potential buyers. He declines to state the potential buyers, or how much they are offering. The Jamaican government is privatizing what it considers to be non-core assets, says Mitchell.