McNeill outlines J$15b of hotel investments
Published:Friday | July 5, 2013 | 12:00 AM
Declaring an end to the 'hiatus' in hotel investments, Tourism Minister Dr Wykeham McNeill outlined several projects that add up to J$15.7 billion of planned and ongoing investments, spanning Kingston to Negril.
The new Courtyard Marriott Hotel to be developed by Pan Jamaican Investment Trust and its partners represents investment of J$1.75 billion, McNeill said Tuesday.
"Upon completion, it is expected to provide employment for 430 Jamaicans," he said in his contribution to the Sectoral Debate in Parliament. Construction of the hotel will launch next week, July 11, he said.
The hotel will be built on a portion of Knutsford Park in New Kingston acquitted by Pan Jam for J$454m.
The minister also announced that another 500 jobs are to be created when the Riu Palace resort in Montego Bay is commissioned.
The resort, developed at a cost of J$3.94 billion, is expected to be ready for business by the next winter tourist season which kicks off in December, according to the minister.
The hotel projects signify a return of investor confidence, he declared.
"Happily, after a hiatus, it is significant to note that investor confidence has returned to the hotel sector and destination Jamaica. This is demonstrated in a portfolio of investments comprised of new developments and refurbishing of existing properties, with each reflecting both international and local interests," he said.
McNeill told lawmakers that billions of dollars has been committed for the refurbishing of existing hotel plants, which have changed ownership.
"Over the past year, a number of properties have been acquired, or are in the process of being acquired, with major refurbishing taking place at the properties. These properties formerly operated as Grand Lido Braco, the Royal Decameron at Paradise Cove, Ritz-Carlton, Poincianna and Breezes Runaway Bay," he said.
"Among these properties, some J$10 billion has already been committed to refurbishing," he told Parliament.
Some will bear the brands of Blue Diamond, Melia and Karisma, while locally Sagicor, too, has acquired property under its Jewel brand, he said.
"These investments speak for themselves. They are expressions, loud and clear, that there is confidence in Brand Jamaica and the future of our sector."