Investment in hotel sector welcomed by government

By Admin Wednesday November 06 2013 in Caribbean
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NASSAU: The Government of the Bahamas has entered into an agreement with a major resort line that would entail a US$90 million refurbishment and expansion project at Columbus Isle Village and on adjacent land in San Salvador.
Prime Minister Perry Christie said the agreement with Club Med and Sand and Ocean Investments Limited as an added partner, would include the refurbishment of existing guest rooms, buildings, grounds, mechanical plant, updating of restaurants and the creation of a spa at Club Med.
“The expansion phase will consist of construction of 360 new luxury condo-hotel units and staff housing, all of which will be built in phases, to be developed and financed by Sand and Ocean and operated by Club Med. Additionally Sand and Ocean is planning the construction of a 125 room boutique hotel to be managed by a European luxury resort operator.
“During construction it is projected that approximately 335 jobs will be made available to qualified Bahamians and a minimum of 250 Bahamians would be employed in resort operations. Many other indirect jobs in both the public and private sectors and entrepreneurial opportunities will be created,” said Christie.
Christie said the signing of the agreement is a “major initiative” of his government to expand the economy, create sustainable jobs and entrepreneurial opportunities.
“There is more to come in further resort development now being planned and as we implement initiatives to reduce the cost of electricity, modernize infrastructure, improve healthcare, social, education and security services, expand agriculture and fisheries, create new industries and embrace emerging opportunities.”
Christie said that the projects were a vote of confidence in his administration by Xavier Mufraggi, Chief Executive Officer of Club Med and Jean Marc Daigle, principal of Sand and Ocean Investments. The Prime Minister said the projects would “not only transform the economy of San Salvador but also impact and undoubtedly attract other development and employment in the south-eastern Bahamas”.
The projects are expected to be completed in four years.

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