SAN JUAN, Puerto Rico:

The Sunday Gleaner has learned that the Triple A Five-Diamond Ritz-Carlton Rose Hall in Montego Bay has been sold to OZ Holding, a subsidiary of Switzerland's BZ Bank at an undisclosed amount.

Highly placed sources say the 5,000 acre ocean-front luxury resort, which is owned jointly by the Urban Development Corporation and developer Michele Rollins of Rose Hall Development, has been on the sale block for the last three years. The resort is entering its sixth year in Jamaica.

upgrading plans

The new owners will retain the Ritz brand and are expected to pump billions of dollars in upgrading the current product and add to its stock of 427 rooms.

BZ Bank engages primarily in trading in equities, and consulting clients in the area of portfolio investment and shares participation, issuing of covered warrants, asset management, and investment funds in Switzer-land.

Asked to confirm the sale, Minister of Tourism, Edmund Bartlett, was mum, but he commented that a rebirth of the Ritz would continue to do wonders for Jamaica.

"The Ritz brand is drawing the Starwoods, Westins and the Hyatts to show interest in Jamaica, so it is very important to the tourism mix," he said.

janet.silvera@gleanerjm.com