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The Palmyra in Jamaica to Be SoldMarch 14, 2012 By: Joe Pike
The Palmyra, a luxury condominium and hotel resort in Montego Bay, Jamaica, is heading to the auction block.
The high-end development, which includes three towers, a 30,000 square foot spa complex and 11 villas, may also be eligible for a gaming permit, conditional upon local legislation, that could potentially lead to the construction of Jamaica's first casino.
Racebrook Marketing Concepts is conducting the auction for the Palmyra and the stakes are pretty high. The Palmyra sits on 16 acres of beach and is set to become a spectacular, world-class resort.
"The Palmyra presents the most compelling opportunity in the global hospitality market right now, and under the right leadership, will become a world-class destination for travelers seeking a luxury resort experience," said John Cuticelli, CEO of Racebrook, in a written release. “In addition, the property will be delivered unencumbered by previous brand and management, offering tremendous operational flexibility to the new buyer.”
The deadline for delivering sealed bids to Racebrook is March 28 at 4 p.m. Bids are to be delivered to Racebrook Marketing Concepts, Attn: Palmyra Project Management Team, 488 Madison Avenue, Suite 201, New York.