Chairman and CEO of The PanJam Group, Stephen Facey says the Marriott Courtyard hotel in New Kingston performed well last year, generating $27-million as its share of profit.

Last year was the hotel’s first full year of operations. Commenting further on the company’s just released 2016 annual report, Mr. Facey indicated work on the tower phase of the former Oceana property in downtown Kingston started with demolition and clearing of the upper floors.

The property was acquired with a Canadian partner.

Development of the remainder of the building will take the form of a hotel with a residential component, pending the results of an independent study.