Janet Silvera, Senior Gleaner Writer
Constance Levy, director of administration for International Airlink, escorts passengers to the domestic terminal at the Sangster International Airport on February 16, 2005. - Photo by Nagra Plunkett
The Carlos Hill-owned Cash Plus Group reportedly signed off on another major deal on Monday, when it took majority control of domestic air carrier, International Airlink.
The value of the acquisition is uncertain at this time. When the Financial Gleaner contacted Cash Plus yesterday, publicist Sherena Russell said, "We will be providing some information on the airline acquisition at a later date."
According to her, "Things are still being looked at and as soon as everything is established, we will let you know."
International Airlink entered Jamaica's domestic air transportation market three years ago, offering 10 convenient daily flights between Montego Bay and Kingston, shortly after Air Jamaica Express closed its doors.
However, after plying the route for almost two years, the airline's Beechcraft 1900D 19-seater was returned to its lessor, forcing the company to turn to the use of a nine-seat Grand Caravan to transfer passengers between both cities.
In the last five weeks, flights have been suspended owing to routine maintenance, said a highly placed source. However, this could not be confirmed by the airline as efforts to reach its managing director, Howard Levy proved futile.
With the cash injection, Cash Plus is expected to put in a new management team and introduce one of two 37-seaters on the route within a matter of weeks, the source told the Financial Gleaner.
Business and tourism interests in western Jamaica are excited about the acquisition. "As a business person, I don't have five hours to spare waiting in an airport in order to travel on a 20-minute flight," said Evrette Rob, a small business operator who travels to Kingston at least twice per month.
"I just can't deal with Norman Manley (airport), I am so turned off by what is happening. The sooner they restart the route, the better it will be, as I am suffering badly as it now stands," she added.
This is the second acquisition for the Cash Plus Group in weeks, having recently purchased the 800-acre prime Drax Hall Estate, in St. Ann. Since then the Group has announced plans to invest millions of dollars in tourism development on the property.
In an interview with The Gleaner two weeks ago, Hill confirmed that that investment was valued at over US$100 million (approximately J$7 billion) and said it represents a premier investment opportunity for his company to develop one of Jamaica's finest resort communities.
The company recently acquired the Hilton Kingston hotel, putting ownership of the franchise for the prestigious international hotel chain brand in Jamaican hands for the first time.
Sound footing
The hotel was purchased at a price of US$42 million (J$2.8 billion), giving Cash Plus, already the owners of the Executive Inn hotels in Montego Bay and Ocho Rios, and also the Golden Seas resort in Oracabessa, St. Mary, a sound footing in the island's hospitality sector.
Hill noted that the goal of his five-year-old company was to "build up an array of businesses in its expanding and diversified portfolio of companies". He pointed to existing operations in the telecoms, financial, shipping, hospitality, fuels/chemicals, real estate and other sectors. He also claimed ownership of a number of other properties in the Corporate Area, including Priscilla's Nightclub.
Passengers board an International Airlink flight from Montego Bay to Tinson Pen on Monday, October 10, 2005. - Claudine Housen/Staff Photographer
