Investors Christopher Williams and Gary Matalon launch “Condotels” under Different Properties Jamaica Limited

 


Investor Christopher Williams and businessmen Gary Matalon are inviting other investors to partner in Condotels, new short term rental units for Jamaica and other Caribbean markets.

On LinkedIn, Matalon has issued an invitation stating, “Are you ready to be “different” ? The most attractive investment asset in the Caribbean is hospitality real estate. No Question. (And PLEASE stop saying hospitality real estate = Airbnb).

“Introducing Condotels!!! [these will be, he outlined] Apartment properties listed on all platforms, branded, Managed, well designed, efficient, furnished, licensed, tax-efficient…….and most importantly…"different.” Chris and Gary invite you to join us in being “different”. Are you in?”

Gary Matalon is already knee deep in the condo market, being a director in KLE Group currently which has a 25 per cent stake in Bessa, which has 8 residences built on an eight-acre property. There are 24 oceanfront condos, 12 pool villas, and 50 river condos ranging from US$260,000 to US$795,000.

The project, which has been in gestation since 2013, was delayed in completion but is now set for opening in 2025.

Under the company Different Properties Jamaica Limited the investors are starting with property in Kingston.  Matalon said that this project has 70 units and has project cost of US$12.5 million.

The short-term rental market has been attracting high priced housing segment such as Pinnacle in Montego Bay. At last report Jamaica was welcoming approximately 59,500 local and international visitors via Airbnb, the online marketplace that connects people who want to rent their property typically for short stays. Different Properties will, however, will not be restricted to  Airbnb only.


Photo: Image of Bessa, condominium in St. Mary 

Caribbean Money Daily

 


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