5 days ago
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The mid-sized R Hotel in New Kingston has been listed for sale at a price of US$16.5 million ($2.5 billion).
The property is being marketed by Andrew Issa of Coldwell Banker Jamaica, who says short-term rentals are biting into the business that would normally flow to hotels.
“Airbnb has impacted the hotel market generally and Kingston in particular,” Issa told the Financial Gleaner, while noting that the business travel market has shifted since COVID-19 and has yet to recover fully.
However, he added that R Hotel, which is located in the prime business district of New Kingston “presents a lucrative investment opportunity”, with the potential for further development or expansion.
Spanning some 57,000 square feet, the 48-room hotel at Renfrew Road has been in operation since 2018 after a decade of planning and construction. It was designed by architect Evan Williams, who also operates the property. Majority funding for the hotel was provided by investor Joe Bogdanovich and Williams. Media reports at the time placed the development cost at US$6.5 million. Since then, the post-pandemic real estate boom has driven up property values.
Over the past seven years, the R Hotel has faced growing competition from short-term rentals as well as other business hotels. Kingston has added major competitors, such as AC by Marriott, Courtyard by Marriott and the ROK Hotel. Moreover, short-term rental listings in Kingston, particularly on platforms like Airbnb, have surged by 75 per cent, from 2,010 listings in 2022 to 3,500 in 2025, according to research data from Airdna, intensifying competition in the business and leisure markets.
Hospitality trends in Kingston have also evolved, with the traditional mid-sized hotel model being overtaken by minimalist, block-style designs prioritising functionality and modern aesthetics. This shift reflects global preferences for simplicity and sustainable design, further shaping the competitive landscape.
English (US) ·