Jamaica Selling More Assets

In addition to selling the Pegasus Hotel in Kingston, the government of Jamaica is also looking for buyers for a hotel in Ocho Rios. “The privatization team is reviewing its options for the divestments of the Rooms on the Beach,” says a spokeswoman for the Development Bank of Jamaica (DBJ). She adds that the government’s Urban Development Corp. (UDC) owns the 99-room Ocho Rios hotel and a 60% stake in the Pegasus. She also says that no bank has been tapped for the sale of the Ocho Rios hotel. “The general divestment objectives are to…enable the government to achieve its economic agenda. The proceeds will assist the UDC in implementing development projects,” she says. In addition to these assets, the government is also trying to sell Air Jamaica and its 45% stake in mining company Jamalco. The IFC is advising on the Air Jamaica sale, an IFC spokeswoman confirmed. It is not known if a bank has been hired for Jamalco. The DBJ spokeswoman says these assets are not part of the UDC.