Jamaica and Mexico to Explore Investment in Local Timeshare Industry

The Tourism Ministry will host a group of investors from Los Cabos, Mexico, in August to explore business opportunities in the local timeshare industry.

The disclosure was made by Director of Tourism, Paul Pennicook, who delivered remarks on behalf of Tourism Minister, Hon. Edmund Bartlett, at the project launch of New Kingston’s latest hotel, The Renfrew, on July 18.

Mr. Pennicook, who noted that Minister Bartlett recently returned from Los Cabos, said that Jamaica possesses significant potential for timeshare investment, especially given its unique product offerings and demographics.

“I can easily see many Jamaicans in our over three-million-strong diaspora making use of timeshare as their way of owning just a little piece of Jamaica and many foreigners utilising the opportunity to own a little piece of paradise,” he noted.

Timeshare allows people to jointly own a vacation property and use the property for a fixed period of time in any given year. The global industry is valued at nearly US$114 billion.

In Jamaica, the Timeshare Vacations Act officially took effect on May 1, 2016, providing opportunities for developers to build properties for use as timeshare accommodation.

The Renfrew is being positioned as an extended stay hotel targeting the business and diplomatic communities. These properties offer affordable temporary housing accommodations for business travel or vacations.

Mr. Pennicook, in welcoming the investment, said it will further grow Kingston’s hotel room stock, which is now at 2,354.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, also welcomed the property to the Kingston hotel landscape, noting that it will provide permanent and temporary jobs for several persons.

The Renfrew involves partnership between Architect Evan Williams and Chief Executive Officer (CEO) of Downsound Records, Josef Bogdanovich.

The property, which is being constructed on roughly 13,000 square feet of land, is scheduled to open in October 2017.

It will offer first-class accommodation, with 32 high-end rooms, rooftop restaurant and bar, a lap swimming pool, gift shop, gymnasium and art gallery, among other amenities.