Jamaica’s Palmyra Resort Auction Scheduled for April 18
The auction sale of Jamaica’s Palmyra Resort and Spa, which has been in receivership since last July, has been rescheduled for to April 18 at 4 p.m. ET. The partially complete, 280-room hotel and condominium complex, located on 16 acres of beachfront land in Montego Bay, was originally advertised for sale by Racebrook Marketing Concepts, an international marketing firm, in a sealed bid auction scheduled for March 28.
The rescheduling “will provide interested bidders with additional information and time to conduct their necessary due diligence and formalize their bids on the property,” according to John Cuticelli Jr., Racebrook’s president and CEO. The auction has received “interest from prospects around the world, including Asia, Australia, Canada, the United States, South America, Europe and throughout the Caribbean,” said Cuticelli.
Launched in 2005 by developer Robert Trotta, Palmyra was to feature three towers, of which two are complete. Of the complex’s 200 completed residences, 97 are available for sale. Construction has started on the third tower, however Palmyra’s originally planned 88 studio suites, 11 three-bedroom villas, 12,000 square feet of banquet and meeting facilities, and 30,000-square-foot spa are in various stages of construction.