Jamaica’s Palmyra Resort & Spa Placed in Receivership

Jamaica’s Palmyra Resort & Spa Placed in Receivership

The $150 million Palmyra Resort & Spain Rose Hall, Jamaica was placed into receivership (bankruptcy) by Jamaican banks on July 22, according to local press reports. The National Commercial Bank (NCB), identified as Palmyra's biggest creditor at $88 million, and has been appointed to oversee the receivership. The property is still operating and accepting guests.

The 16-acre property is managed by Solis Hotels. The resort, developed by Rose Hall Developments and U.S.-based Resort Properties Group, and headed by Robert Trotta, was launched in 2005 as Jamaica's first luxury waterfront condominium resort.

The project was later converted to a hotel complex with 299 rooms and 11 villas. Resort Properties was acquired by U.S. development company Silverpoint Group Holding earlier this year.