Palmyra auction offer extended to April 18

Racebrook Marketing Concepts of Jamaica and its auction affiliate Sheldon Good & Company have extended the March 28 deadline for auctioning The Palmyra Resort & Spa in Rose Hall, Montego Bay, St. James to April 18.



The extension is meant to provide interested bidders with additional information and time to conduct their necessary due diligence and formalise their bids on the property, according to a release from Racebrook Marketing.



The company said to date the auction programme has received both national and international interest from prospects around the world including Asia, Australia, Canada, the United States, South America, Europe and throughout the Caribbean.



John Cuticelli Jr., president and CEO of Racebrook Marketing Concepts, said that “due to the nature of this offering, the need for comprehensive due diligence, additional information provided by the receiver, as well as date-certain terms of the auction, prospects required additional time to prepare their offers.”



The Palmyra Resort & Spa is a 280+ room boutique hotel/condominium complex encompassing three towers surrounded by numerous income-generating components.



The property features a variety of guest unit types, all with unmatched views of the Caribbean Sea.



The auction offering also includes 11 private villas, four food and beverage facilities, a state-of-the-art spa structure, beautiful club house, ample conference and event space, seaside swimming pools and a self-contained power plant all located on-site.



The new sealed bid auction deadline will be Wednesday, April 18, 2012 at 4 pm eastern daylight time.



Bids are to be delivered to Racebrook Marketing Concepts, attention Palmyra Project Management Team, 488 Madison Avenue, Suite 201, New York, NY 10022, USA.



Racebrook is a private investment firm founded in 2004, focusing on opportunity and disintermediation in the real estate and capital markets.



business@gleanerjm.com