Jamaica
News - Real Estate - Sales
Source: Jamaica Gleaner, Barbara Ellington - August
18, 2005
Huge
new investments for Jamaica -Blackwell sells US properties
NOT MUCH has been heard about
Chris Blackwell in Jamaica lately. That is about to change.
The hugely successful
businessman, Hon. Chris Blackwell O.J. will, in 2006 invest $6.2
billion in his resort properties at Golden Eye in St. Mary, The
Caves in Westmoreland and Strawberry Hill in St. Andrew.
The founder of Island Records
with such music legends as Bob Marley, U2, Blackwell also runs
Palm Pictures, an entertainment company, and the Island Outpost
resort group, with properties in Jamaica, the Bahamas and South
Beach, Miami. To fund the Jamaican investments, those Florida
hotels were sold last year.
The canny investor has an eye
for undervalued talent. At one point, he had 10 of the Miami
hotels in his portfolio, bought when the properties and the areas
in which they were located were in need of renovation. The
properties were gradually redeveloped and sold off.
Mr. Blackwell said the expansion
plan for the Golden Eye Resort and Spa is now at the phase where
permits for sub-division and architectural drawings are being
finalised. Construction will begin early 2006.
"We will be putting in 10
beach cottages, 10 spa cottages, 10 three and four bedroom villas,
10 huts and 32 suites. This original structure will remain
intact," Mr. Blackwell said.
The additional villas and
cottages have already been reserved by prospective buyers but are
not yet sold he said. All are priced for very upscale buyers so
the Golden Eye property, formerly owned by author Ian Flemming,
will retain it's following of high-end visitors who prefer the
luxury and privacy it offers.
Mr. Blackwell said owners can
put their properties back under Golden Eye's management. The same
idea will be replicated at The Caves in Negril, Westmoreland where
three bedroom cottages are to be built.
"The idea is that people
can come for several months at a time and live at their cottages.
Technology allows you to live anywhere and continue running a
company; these cottages are in a secure and managed environment,
which is ideal for prospective owners."
At Strawberry Hill, the original
intent - a retreat for Jamaicans and foreigners - will be
maintained. But the 45-acre property will see the addition of a
yoga deck to facilitate guests who have been demanding that
facility.
The yoga deck will also feature
a mini bar and offer a breathtaking view of St. Catherine's Peak.
There are no immediate plans to
add to the present cottages that can accommodate 26 guests. There
will be greater emphasis on attracting Jamaicans, especially with
the new 'Unwind' package. This will include dinner, massages,
sleep-over and breakfast prior to departure next morning.
In the long term more rooms will
be added at Strawberry Hill and the spa facilities will be further
expanded.
|