"The investors will now be invited to participate in a pre-qualification process, which will shortlist investors to conduct due diligence and eventually make formal bids for the purchase," the DBJ said in an emailed response to Financial Gleaner queries.

"At the end of the process, the final binding offers will be submitted by the interested parties, for subsequent evaluation and selection by the seller."

Local and overseas investors

Lissant Mitchell, senior vice-president of Scotia DBG Investments, lead broker on the sale, later said the interest came from both local and overseas investors.

Pre-qualification documents will be issued in two weeks, he added, but did not specify a timeline on when bids are due.

"I'm not comfortable speaking to a timeline now because there are a number of issues that can impact it," he said.

Sole asset

The Jamaican Government is selling its 60 per cent stake in the publicly listed Pegasus Hotels of Jamaica Limited, whose sole asset is the New Kingston-based property.

Scotia DBG are advisers to DBJ, which, in turn, is divesting the property on behalf of the Urban Development Corporation, the 320-room hotel's ultimate parent.

Pegasus shares are currently trading at $12.51, putting its market value at $1.5 billion.

sabrina.gordon@gleanerjm.com