KINGSTON, Jamaica, Thursday July 21, 2016 – Jamaica’s Tourism Ministry will host a group of investors from Los Cabos, Mexico, next month to explore business opportunities in the local timeshare industry.
Director of Tourism, Paul Pennicook says Jamaica possesses significant potential for timeshare investment, especially given its unique product offerings and demographics.
“I can easily see many Jamaicans in our over three-million-strong Diaspora making use of timeshare as their way of owning just a little piece of Jamaica and many foreigners utilising the opportunity to own a little piece of paradise,” he said at the recent project launch of New Kingston’s latest hotel, The Renfrew.
Timeshare allows people to jointly own a vacation property and use the property for a fixed period of time in any given year. The global industry is valued at nearly US$114 billion.
In Jamaica, the Timeshare Vacations Act officially took effect on May 1, 2016, providing opportunities for developers to build properties for use as timeshare accommodation.
The Renfrew is being positioned as an extended stay hotel targeting the business and diplomatic communities. These properties offer affordable temporary housing accommodations for business travel or vacations.
Pennicook, in welcoming the investment, said it will further grow Kingston’s hotel room stock, which currently stands at 2,354.
The Renfrew involves partnership between Architect Evan Williams and Chief Executive Officer (CEO) of Downsound Records, Josef Bogdanovich.
The 32-room property, which is being constructed on about 13,000 square feet of land, is scheduled to open in October 2017.