By Ashford W. Meikle, Staff Reporter
THERE IS renewed interest in Trident Hotel. The latest contender Wednesday Business understands to show an interest in acquiring the upscale Portland hotel is chairman of NCB, Michael Lee-Chin.
In an interview that appeared in the last edition of The Sunday Gleaner, it was revealed that Mr Lee-Chin is finalising plans to purchase the Trident from Earl and Beverley Levy. Mr. Levy, along with his daughter, Suzanne, owns and manages the hotel. Mr. Lee-Chin has expressed a fondness for the parish of his birth and has expressed a desire for its development through Government and private sector partnership. He has already made philanthropic commitments to restore the Port Antonio courthouse as well as building a modern courthouse.
Kingston architect and real estate developer Earl Levy built the Trident hotel 37 years ago. With 26 rooms and villas, Trident, which covers 17 acres, has always been prized for its real estate potential and earning capabilities. Recognised as an architectural masterpiece, the hotel's real potential lies in its upscale market as well as its location in Portland, which is generally viewed as being unscathed by the tourism industry's mass market component.
A newspaper advertisement appearing in The Gleaner last month advised the public that "We wish to advise everyone that the Trident is open and in operation, under the same ownership and management, as it has been for the past 37 years."
Efforts by Wednesday Business to get a comment from the hotel's management were unsuccessful. A senior manager at the hotel refused to answer questions posed, directing all questions to Earl or Suzanne Levy. Attempts to reach Mr. Levy were unsuccessful and Suzanne Levy was said to be off the island.
Concerning the latest move by the Levys to sell the property, a source told Wednesday Business that "There is a possibility but at the minute it is still owned [by the Levys]."
Wednesday Business understands that interested parties have been calling from as far as New York to enquire if the hotel has been sold and if there are any plans to expand its operations.
(See table below)
Trident, according to real estate estimates, has a value of approximately US$3 million. According to The Sunday Gleaner report Mr. Lee-Chin has commissioned the American architect, Daniel Libeskind to create a blueprint and master plan for Folly, Trident and Navy Island. Mr. Libeskind is perhaps best known for his having won the contract to design the buildings which will occupy the former World Trade Center area in New York City.
Trident Fact file
1967: Hotel built by Earl Levy and his wife, Beverley.
1980: Substantial damage to the property by a tidal wave as a result of Hurricane Allen.
September 1988: The hotel, like most of Jamaica, was not spared from Hurricane Gilbert. Extensively damaged. Rebuilt by the Levys.
March 2002: Gordon 'Butch' Stewart was reported to be in discussions to acquire the hotel but subsequently decided that it did not fit into the all-inclusive concept of his Sandals group.
March 2002: It was listed on the auction block but withdrawn after it was revealed that American businesses had expressed an interest.
April 2002: A group led by Rose Campbell, former head of Caymanas Track Limited, initiated negotiations to acquire the property. Negotiations were unsuccessful.
May 2002: The auction house D C Tavares Finson advertised the property, apparently over a legal dispute with Montego Bay hotelier, Heinz Simonitsch, who held a first lien on the property.
June 2002: It was reported that the Levy's managed to hold on to the property apparently after settling the legal imbroglio over a loan which Levy had acquired from Simonitsch.
2004: It was first reported earlier this year that Michael Lee-Chin was interested in acquiring the property.
June 2004: The NCB boss revealed to The Sunday Gleaner that he was finalising negotiations to acquire the hotel.
