Susan Gordon, Business Reporter

Delroy Howell says he paid 'in the region of US$50 million' for the Hilton Kingston hotel property.

Delroy Howell's Cayman firm First Financial Caribbean, parent company for local Quik Cash Sun Money Transfer, has paid about J$3.5 billion equivalent to acquire the Hilton Kingston hotel property, the new owner indicated Tuesday.

But Howell would not reveal a definite price, saying only that it was "in the region of US$50 million."

That price is well above the unconfirmed US$42 million that Cash Plus was reported to have acquired the property for, before the deal and the investment scheme collapsed.

First Financial bought the property from previous owners Ron Kelly and Tobias Rowe, sealing the deal on Friday, and confirming a previous Gleaner report of the sale.

"I think it's a great acquisition," Howell told Wednesday Business.

"It's a great entry into the hospitality business."

Howell, a Jamaican with business interests in Cayman, has since assumed the position of chairman of the hotel's board.

He confirmed that the deal was arranged through RBTT Financial Holdings, but declined to say the level of financing provided by the banking group.

Hotel expansion

He also signalled that First Financial was planning to expand the hotel's operations, as well as renovate the structure.

"We are looking at some other purposes for the property, which I cannot say right now," he said, but indicated that he could be spending an additional US$15 million on the property.

"There are a lot more we are going to do."

The hotel will continue to operate under the Hilton brand.

susan.gordon@gleanerjm.com