The auction of the former Knutsford Court Hotel in New Kingston has been rescheduled to June 17 after the original sale date was postponed.
“The vendor is selling under powers of sale contained in a mortgage,” states the conditions of sale document prepared by Hylton & Hylton, attorneys-at-law for the vendor, identifying the mortgagee as Knutsford Court Hotel Limited and the borrower as Novamed Properties Limited, led by investor Dr David Walcott.
The auction will be conducted by Allison Pitter & Company at its Tremaine Road offices in Kingston.
A payment of 15 per cent of the purchase price — 10 per cent deposit plus a further 5.0 per cent — is payable immediately upon acceptance of a bid, with the balance due within 90 days.
The property at 11 Ruthven Road and 16 Chelsea Avenue spans 3.84 acres and comprises four blocks totalling 102,225 square feet of built space.
The former hotel’s 175 rooms have been converted to office use across three multi-storey blocks, with a fourth building housing a restaurant and lounge facility.
The site also includes some 10,000 square feet of meeting and banquet space, a swimming pool, and 110 parking spaces, with additional land available for development.
Novamed Properties Limited, an investment holding company, acquired the property in 2022 for roughly US$40 million, rebranding it Summit Kingston with plans to develop what it described as a “smart business campus” targeting tenants in finance, health, food, recreation, and professional services.
The Financial Gleaner understands that interested parties had been working to prevent the auction from proceeding, though sources declined to go on record.
The former hotel, previously known as Sutton Place Hotel, had been a fixture of Kingston’s corporate hospitality market before its closure.
business@gleanerjm.com
