Summit Property Faces Auction | Business Day

本站添加: 2026-05-14

[00:00:03]Welcome back. It's time now for the business day. Questions are swirling about the future of the summit as the property moves closer to an auction set for June. The property, which is formerly the Nusford Court Hotel, has been repurposed under a new business model. Dri Thomas reports.

[00:00:20]Long before it became a headline tied to auctions and mortgage enforcement, the former Nuts Court Hotel stood quietly in New Kingston as one of the capital's most familiar landmarks. For decades, it was a hub for conferences, business travelers, and the steady rhythm of a city whose commercial center has continued to expand upward and outward.

[00:00:43]However, in 2022, Novamemed, an investment holding company, acquired the 4 acre property in a deal valued at an estimated $40 million US. The company rebranded the hotel as Summit, positioning it as a mixeduse business hub in the heart of New Kingston's corporate district. This is what director Kevin Donaldson told us in an April 2025 interview. I had to convince my business partners to support it. I had to convince the vendors. I had to convince the patrons. We have to give thanks. Without the patrons, this don't make sense, right? Um, so I think the hardest hurdle was getting people here >> now. That trajectory has taken a different turn as the property is now set to go for auction on Wednesday, June 3, 2026. The notice was posted in the Gleaner last week. When contacted, Mr. Donaldson said he will issue a response at a later date. But what typically triggers a commercial property to enter a mortgage sale or auction process while not referring to the submit matter?

[00:01:51]Attorney at law Vanessa Taylor offered this general perspective. So at the heart of every decision to put a property up for auction is the fact that there is a flagrant breach in the terms and conditions of the mortgage instrument or the mortgage agreement.

[00:02:07]And an example of this is the fact that the the mortgage e has not paid the u mortgage amount or there could be issues as it relates to ownership and this is a dispute that comes after the fact. So after they've entered into that agreement which you know raises issues of duplicity, dishonesty and the lender may just choose to cut their losses and just move on by putting the property up for auction. From there, attention often turns to the steps that precede an auction and how lenders normally proceed before reaching that point. But even when a property reaches this stage, we asked whether there are options available to prevent it.

[00:02:48]>> It is never the final step. When a property is advertised for auction, you can come in and make an attempt to refinance. You can make arrangements to pay a lumpsum payment. Some lending institutions will allow for that, some may not. You may also, some persons have even paid on the morning of the auction and the lending institution has retracted um the property from the auction block, so to speak. TVJ News first reached out on April 30, 2026 to parties connected to the property for a comment. While one was not forthcoming, it's understood that efforts are underway to prevent the auction from proceeding.

[00:03:30]Dri Thomas, TBJ News.

[00:03:34]>> The JSC index declined by 244 points today, while the junior market index declined by 42 points. The winners were led by MPC Caribbean Clean Energy US dollar shares, Caribbean Assurance Brokers, Signos Credit Investments 10.50% preference shares, Honey, and Lasco Financial Services. The losers include Sterling Investments, US Dollar Shares, Atlantic Hardware and Plumbing Company, Innovative Energy Group, JMMB Group Limited, 10% variable preference shares, and 138 Student Living Jamaica. 25 stocks traded firm.

[00:04:15]Foreign exchange trading ended with banks and cambios selling the American dollar for an average $15848.

[00:04:23]The Canadian dollar is being sold for $11545.

[00:04:28]The pound is going for $215.39 while the euro is selling for an average $18827.

[00:04:38]Fuel prices will be increased effective tomorrow. Each liter of 87 gasoline and 90 will be increased by $4.50.

[00:04:47]Automotive diesel and ultra low sulfur diesel will also be increased by $4.50.

[00:04:52]However, kerosene will see its price falling by 25. The cost of propane will go up by $146 while butane will also be increased by $36.

[00:05:05]Individual petrol stations will make these adjustments to their prices which include a markup on the x refining rate offered by Petro Jam.

[00:05:14]And that's the business day. News some overseas after the break.