Jamaica Grande Beach Resort
|McLean, Virginia – December 13, 2004 – Rob Koger, President of Molinaro
Koger, announced today that the firm has arranged the sale of Jamaica’s
largest resort, the Jamaica Renaissance Grande Beach Resort, on behalf
of Jamaica Grande Ltd. an investment group comprised of Marriott International,
the Jamaican government and GoGo Travel. The buyer is National Continental
Group, which is based in Kingston. This is the third major Caribbean
resort sold by Molinaro Koger in 2004.
“Located in one of the world’s top five destinations, the Jamaica Grande Beach Resort attracted significant investor attention,” said Bill Stadler, Managing Director of Molinaro Koger, who negotiated the sale terms on behalf of Jamaica Grande Ltd. “The property is one of the most renowned properties in Jamaica.”
The 708-room, 15-suite, beachfront resort features six restaurants, more than 30,000 square feet of meeting space and was originally intended to offer table gaming. The purchasers have closed the property for renovations following the sale and plan to develop a full-service spa, fitness facility and water sport center.
National Continental Group is an investment partnership of the Hendrickson family of Jamaica, who also owns the Sunset Beach Resort in Montego Bay, and is the third largest hotel operator on the island of Jamaica, after Sandals and SuperClubs.
“Jamaica Grande is a perfect fit for the Sunset family of resorts,” said Ian Kerr, managing director of the Sunset Beach Resort and a Hendrickson family member. “We are excited about this new venture and we are committed to repositioning this resort as the flagship property of Jamaica.”
The purchasers plan to rename the property the Sunset Jamaica Grande resort and to reposition it as “an all-inclusive vacation experience catering to singles, couples, families, weddings, meetings and large groups.”
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
About Molinaro Koger
Molinaro Koger is an international hotel real estate advisory firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles and Phoenix. Over the past decade the firm has captured the industry’s leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year.
Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger has successfully marketed hotel real estate, sponsored limited partnerships, and arranged financing for purchasers. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 44-year history. Throughout that time, the company has grown and assisted clients in achieving their investment goals.
“With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better serve our clients best interests regardless of economic highs or lows,” says President Robert Koger. “The results we achieve are directly attributable to the commitment and expertise of our professional staff.”
Molinaro Koger can be accessed online at www.mkhotels.com.
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