Long term Operator for Hotel Braco Expansion Being Sought

Bid process entering final stage KINGSTON, November 21 The National Insurance Fund, owners of the Hotel Braco in Trelawny, Jamaica has set December 14th as the deadline for final bids from experienced hotel brands to be chosen to manage the famed hotel as of June next year . Currently, the bid managers Kronos Consultants, who are managing the process on behalf of the NIF, continue to accept Letters of Interest to prequalify candidates.”Based on the number of enquiries we have had we will continue to accept Letters of Interest with the understanding that the deadline for final bids remains at December 14th” said Michael McMorris, CEO of Kronos. “Presently , already approved bidders have more than three weeks to the final bid deadline but if a company feels it can do the necessary due diligence in two weeks, sends in their LoI next week and qualifies, then we will acknowledge them as Approved Bidders too and give them access to the final bid information. No one however will get more time for the final bid submission, that date is fixed at December 14th” added the Development Consultant. The Request for Interest document is now available upon request via email to the exclusive bid managers, KRONOS Development Consultants at (bracohotel@kronosid.com) or the National Insurance Fund. The elegant Property which currently has 226 rooms is set to double that number on the existing 84-acre property located in Braco, Trelawny, Jamaica over the next few years . According to McMorris, “Operators who wish to be considered for the leasing /management of the existing hotel can greatly strengthen their bid by offering to participate in the Development.” He added – “that will be one of the key areas of evaluation when considering the final bids after the December 14, 2012 deadline.” The winning Operator will be selected by the NIF on or before January 30th 2013. About The NIF The National Insurance Fund (NIF) is established under the National Insurance Act of Jamaica and resides within the Ministry of Labour & Social Security. The NIF currently manages J$71 billion (US$779 million) in real estate, fixed income and equity assets. About KRONOS KRONOS Consultants - Jamaica's premier Development Consultants are exclusive advisors to the NIF for the execution of the Operator Selection Process and have been involved in the development of new ventures and the repositioning of existing properties since 2005. KRONOS has provided a turnkey selection process solution utilizing its Virtual Data Room for the secure and confidential exchanging of information with candidates.