Jamaica
News - Real Estate - Sales (June 16, 2004)
Lee-Chin to buy
Trident?
THERE IS renewed interest in Trident Hotel.
The latest contender to show an interest in acquiring the
upscale Portland hotel is chairman of NCB, Michael Lee-Chin.
In an interview, it was
revealed that Mr Lee-Chin is finalising plans to purchase the Trident from Earl
and Beverley Levy. Mr. Levy, along with his daughter, Suzanne, owns and manages
the hotel. Mr. Lee-Chin has expressed a fondness for the parish of his birth and
has expressed a desire for its development through Government and private sector
partnership. He has already made philanthropic commitments to restore the Port
Antonio courthouse as well as building a modern courthouse.
Kingston architect and real estate developer Earl
Levy built the Trident hotel 37 years ago. With 26 rooms and villas, Trident,
which covers 17 acres, has always been prized for its real estate potential and
earning capabilities. Recognised as an architectural masterpiece, the hotel's
real potential lies in its upscale market as well as its location in Portland,
which is generally viewed as being unscathed by the tourism industry's mass
market component.
A newspaper advertisement appearing in The
Gleaner last month advised the public that "We
wish to advise everyone that the Trident is open and in operation, under the
same ownership and management, as it has been for the past 37 years."
A senior manager at the hotel
refused to answer questions posed, directing all questions to Earl or Suzanne
Levy.
Trident, according to real estate estimates,
has a value of approximately US$3 million. It is reported that Mr.
Lee-Chin has commissioned the American architect, Daniel Libeskind to create
a blueprint and master plan for Folly, Trident and Navy Island. Mr. Libeskind is
perhaps best known for his having won the contract to design the buildings which
will occupy the former World Trade Center area in New York City.
Trident Fact file
1967: Hotel built by Earl Levy and his wife, Beverley.
1980: Substantial damage
to the property by a tidal wave as a result of Hurricane Allen.
September 1988: The hotel,
like most of Jamaica, was not spared from Hurricane Gilbert. Extensively
damaged. Rebuilt by the Levys.
March 2002: Gordon 'Butch'
Stewart was reported to be in discussions to acquire the hotel but subsequently
decided that it did not fit into the all-inclusive concept of his Sandals group.
March 2002: It was listed on
the auction block but withdrawn after it was revealed that American businesses
had expressed an interest.
April 2002: A group led by
Rose Campbell, former head of Caymanas Track Limited, initiated negotiations to
acquire the property. Negotiations were unsuccessful.
May 2002: The auction house D
C Tavares Finson advertised the property, apparently over a legal dispute with
Montego Bay hotelier, Heinz Simonitsch, who held a first lien on the property.
June 2002: It was reported
that the Levy's managed to hold on to the property apparently after settling the
legal imbroglio over a loan which Levy had acquired from Simonitsch.
2004: It was first reported
earlier this year that Michael Lee-Chin was interested in acquiring the
property.
June 2004: The NCB boss recently revealed that he was
finalising negotiations to acquire the hotel.
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