Nearly four years after Jamaica-based Novamed Properties Limited purchased the iconic former Knutsford Court Hotel in New Kingston with ambitious plans to redevelop it into an integrated health, business and innovation campus, the high-value central commercial property has been listed for public auction under mortgage default powers.
The upcoming auction, scheduled for 11:00 a.m. on Wednesday, June 3, 2026, covers the dual-parcel property located at 11 Ruthven Road and 16 Chelsea Avenue, Kingston 10, a prime spot in New Kingston’s corporate and commercial core, according to public auction notice reviewed by Jamaica Observer.
The listing marks a dramatic reversal of fortune for one of the district’s most recognizable commercial properties. When Novamed first acquired the site from prominent Jamaican hotelier Kevin Hendrickson, the total transaction, including acquisition costs, closing fees and projected renovation works, was valued at more than US$40 million. Official transfer documents filed with Jamaica’s National Land Agency, reviewed by Business Observer, show the property was formally transferred to Novamed in January 2023 for a base purchase price of US$23.5 million. Public title records also reflect a US$14.99 million vendor mortgage held by Knutsford Court Hotel Limited, the selling entity controlled by Hendrickson.
Industry insiders close to the transaction confirmed the entire purchase was structured as a vendor mortgage, a non-traditional financing arrangement where the seller acts as the lender rather than a commercial bank. Under this agreement, the seller allows the buyer to repay a portion of the purchase price over an agreed timeline, with the underlying property held as collateral for the loan. This structure leaves the seller, in this case Hendrickson through his selling entity, with a secured financial stake in the property even after full ownership is transferred to the buyer.
As of press time, neither party has issued a public statement on the upcoming auction. Novamed told Business Observer it requires additional time to prepare a comment and has not followed through on a commitment to speak with the outlet, while Hendrickson declined to comment, noting he would need to first consult with his legal team before making any statement.
The property itself is a substantial commercial asset that has already been partially converted from its original hotel use to a multi-block business centre. According to the auction listing, the site spans a total 3.84 acres (15,539.80 square metres) of prime land, with 102,225 square feet (9,496.93 square metres) of total built space across three main three-storey office blocks and a separate two-storey restaurant and lounge building. Currently, the 175 original air-conditioned hotel rooms have been repurposed for office use, alongside an existing restaurant and bar, 10,000 square feet of flexible meeting and banquet space, a courtyard, swimming pool, and 110 dedicated parking spots.
Located in the heart of New Kingston, the property offers prime frontage on Ruthven Road with rear access from Chelsea Avenue, placing it within walking distance of major arterial roads Holborn Road and Dominica Drive. It is also a short distance from key local amenities including foreign embassies, diplomatic high commissions, major financial institutions, shopping centres and government public institutions.
Novamed first announced its acquisition of the Knutsford Court Hotel in 2022 through Novamed Properties, a special-purpose vehicle created specifically to acquire and operate real estate assets focused on healthcare, wellness, lifestyle and commercial use. At the time, the firm laid out bold plans to rebrand the property as the Summit Campus, converting the four-acre site into a cutting-edge smart business and lifestyle village focused on innovation, technology, health and wellness. The new development was designed to complement Novamed’s recently acquired Medical Associates Hospital, forming a fully integrated health and commercial hub in central Kingston. For Hendrickson, the sale allowed him to redirect capital and focus to his ongoing redevelopment of the former Wyndham Hotel on Knutsford Boulevard, where he already owns two other prominent New Kingston hotels: the Courtleigh Hotel and Suites and the Jamaica Pegasus hotel.
Plans for the ambitious redevelopment hit a major regulatory snag earlier this year, however. Regulatory filings reviewed by Business Observer show that in April 2026, Jamaica’s National Environment and Planning Agency rejected two key applications from Novamed: one for an environmental permit and one for planning permission for the proposed construction of new office and commercial complexes, including a shopping centre larger than 5,000 square metres, as well as a formal change of use for the property from a resort designation to commercial office.
The agency cited two core reasons for the refusal: the proposed development failed to adequately plan for sufficient parking capacity to accommodate the new commercial use, and Novamed failed to meet minimum application requirements, including the submission of a required community survey and updated land use map for the environmental permit application. It remains unclear whether the rejected applications were part of a revised master plan for the site, or if the regulatory setback contributed to the circumstances that led to the property being listed for auction.
Photographs of the property taken in 2026 show the partially converted Summit campus, including the marked Chelsea Avenue entrance to the site.