Government welcomes multi-million dollar investment in Bahamas hotel sector

NASSAU, Bahamas, Thursday October 31, 2013, CMC – The Bahamas government 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 that the agreement with Club Mediteranee and Sand and Ocean Investments Limited as an added partner, said the refurbishment works of Club Med would include existing guest rooms, buildings, grounds, mechanical plant and the creation of a spa and updating of restaurants.

“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,” Prime Minister Christie said, adding the projects should be completed within four years.

“During construction it is projected that some direct 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,” Christie said.

He said the signing of the agreement is another “major initiative” of his government to expand the economy, create sustainable jobs, employment 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,” he added.

Prime Minister 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 , adding that 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”. Click here to receive free news bulletins via email from Caribbean360. (View sample)