PanJam Buys Out Foreign Investor to Fully Acquire Oceana Hotel

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PanJam Office

Having bought out its Canadian partners for $403 million, PanJam Investments Limited has now fully acquired the Oceana Hotel project located by the Waterfront Downtown. PanJam made this decision in light of the fact that Downtown Kingston is slowly transforming into a hospitality market and soon significant revenue can be made from the hotel and condo complex. Additionally, the company sees the complex as their contribution to the revitalization of the city.

PanJam recently completed the first phase of the Oceana project which includes commercial spaces on the ground floor which will be leased and a parking garage. The company is looking to start the second phase of the project as soon as they receive the necessary funds to do so and the approval.

Oceana was acquired by PanJam and the Canadian company in 2014 for $385 million but the continuation of the project will see PanJam spending up to $6 billion for its redevelopment. PanJam is optimistic that with the restoration of Downtown Kingston, this will be a worthwhile investment.

In its financial report for 2017, PanJam noted that investment properties represented 20.9 percent of total assets. Revenue for 2017 increased by a whopping 38 per cent from $1.74 billion to $2.41 billion. While net profit for 2017 was $4.19 billion compared to $4.35 billion in the previous year, a 3.6 percent decrease.

Currently we do not recommend PanJam to our clients but we continue to watch the stock as a possible buy option. PanJam is now trading at $41.21.


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