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On the heels of news Tuesday's news that the former Oceana Hotel has been sold, the Urban Development Corporation (UDC) is also reporting that it has completed the divestment of the property which formerly housed the Forum Hotel in Portmore, St. Catherine.
UDC Chairman KD Knight confirmed that it was sold for $350 million to Portmore Marina Limited. The agreement for this transaction had been announced earlier in the year, and Mr. Knight told RJR News that the sale was completed last week, "which is that all monies have been paid."
Oceana
In the meantime, the UDC is preparing to officially hand over the former Oceana Hotel complex, which has been sold for $385 million.
The agreement had been signed, "and the necessary deposit made," he said, adding that "it's just a matter of completing, and the time set for completion is 60 days, so during this period the UDC will be making preparations for (the) title to be delivered."
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