$1 Billion Investment at Oceana Hotel

Planned investments of some $1 billion will be undertaken at the Oceana Hotel in Downtown Kingston over the next 12 to 18 months.

This was disclosed by Prime Minister, the Most Hon. Portia Simpson Miller, during her presentation in the 2015/16 Budget Debate in the House of Representatives on Tuesday, March 24.

In 2014, a Jamaican/Canadian consortium purchased the Oceana Hotel from the Urban Development Corporation (UDC) for $385 million.

“The full roll out of the overall development, inclusive of the hotel operations, will also see additional investments being made in future phases. Demolition work has already started on the ground floor of the Oceana building,” Mrs. Simpson Miller said.

She noted that the ground floor, which spans 70, 000 square feet of space, is being fully renovated and will be outfitted with new equipment, fixtures and fittings to accommodate 400 to 500 persons in modern office space facilities.

The Prime Minister added that design and planning works are already underway and physical works are expected to commence within three months.

“We are reviving Downtown Kingston. This is Progress! Such a bold undertaking is not new for Pan-Jamaican Investment Limited, one of our leading and highly successful property conglomerates,” Mrs. Simpson Miller said.

In addition, the Prime Minister informed that the 129-room ‘Courtyard By Marriott’ hotel in New Kingston, will be opened by this summer.

Mrs. Simpson Miller’s presentation was made under the theme- ‘Moving Forward: Jobs, Growth and Development’.