Scotia DBG Investment, lead broker and financial adviser for the equity sale of the Government's near 60 per cent majority stake in Kingston's leading hotel, Jamaica Pegasus, will begin reviewing expressions of interest received for the shares.

"There has been quite a strong interest, both local and regional," said Wayne Chen, chairman of Urban Development Corporation (UDC), the government-owned entity which owns the hotel's shares through subsidiary, National Hotels and Properties.

The operating company for the hotel, Pegasus Hotels of Jamaica Limited, is publicly listed and last traded at $12.51 per share, valuing the hotel at $1.5 billion.

UDC owns 59.81 per cent, or 71.87 million, of the more than 120.165 million shares in issue.

Scotia DBG Senior Vice-president Lissant Mitchell confirmed the review meeting but refused to divulge the number of proposals received.

Chen, however, was effusive about the prospects.

"We are very pleased, and although I am not privy to the numbers, I believe they are quite credible people," he said.

The invitation for bids closed on September 30, after an extension from August 24.

This first round is to prequalify bidders, and those who make the cut will be invited to bid for control of the 310-room property.

sabrina.gordon@gleanerjm.com