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MONTEGO BAY, JAMAICA-Octagon Hotels Group Ltd., a local firm owned by the Hendrickson family, has purchased the Holiday Inn SunSpree Resort for $30 million. InterContinental Hotels Group Plc sold the 524-room property, and signed a 10-year franchise agreement with Octagon for the resort.

The 16-acre oceanfront hotel is in the Rose Hall area, and close to the Sangster International Airport. The resort has about 4,500 sf of meeting space, four restaurants, six lounges, three outdoor pools, a fitness center, lighted tennis courts and retail shops. The property will be operated by a team led by Kevin Hendrickson.

Octagon plans a complete renovation of the property, according to a statement by Bill Stadler, managing director with Molinaro Koger’s Dallas office. He marketed the asset and structured the transaction. “The profound strength of the Jamaican hotel market, combined with the resort’s facilities and Holiday Inn brand affiliation helped facilitate the transaction,” he said in the statement. Stadler could not be reached for comment.

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