Above: the Hilton Rose Hall in Jamaica

By Alexander Britell

Sagicor Jamaica Investments Limited has purchased a 26—acre undeveloped beachfront site in Montego Bay, Caribbean Journal has learned.

The Governor’s Beach site, which includes 1,600 linear feet of ocean frontage, is adjacent to the Hilton Rose Hall, which was recently purchased by Sagicor, according to CBRE, which arranged the sale and the earlier purchase of the hotel.

“Following their purchase of one of Jamaica’s top-performing hotel assets, the Hilton Rose Hall, Sagicor seized the opportunity to buy the adjacent land for a potential future expansion,” said CBRE Hotels’ Paul Weimer. “Investors are becoming increasingly aware that Montego Bay is one of the best performing hotel markets in the Caribbean, with excellent airlift, great natural resources and a business-friendly political environment.”

CBRE said it was also currently engaged to sell a second oceanfront site in Montego Bay of 80 acres.

CBRE Hotels’ marketing team for Governor’s Beach included Senior Vice President Christian Charre, Vice President Paul Weimer, Managing Director Jeff Woolson and Associate Natalie Castillo.

Terms of the deal were not disclosed.