Minister of Information Daryl Vaz disclosed on Wednesday during a post-Cabinet press briefing at Jamaica House that Pan Jamaica will use the land for various developments, including hotel, retail and recreational facilities, office space and residential space.

Additional rooms

"The proposal would complement the existing cluster of hotels in the area, offering additional and diversified hotel rooms," Vaz said.

He also said the proposal was consistent with the principles of the Urban Development Corporation development plan for new investment in the Liguanea area of the New Kingston business district.

The property, just under 161,610 square feet, was sold for $454.5 million.