Jamaica’s Tourism Minister secures $750 million in hotel investment
Following discussions with two major Spanish Hotel chains, H10 and Princess Resorts, Minister of Tourism, Honorable Edmund Bartlett has secured USD750Million in investment. The investment will see the construction of three thousand (3000) new rooms in Jamaica by 2021.
H10 Hotels, which will construct 1000 new rooms in Trelawny at a value of approximately USD 250Million, is a hotel chain with over 55 hotels in 18 destinations. Princess Hotels and Resorts, ranked 8th in the Spanish market has 19 hotels. They will construct 2000 new rooms in Hanover, to the tune of some USD500Million.
In highlighting the significance of these agreements, which were made at FITUR in Spain, Minister Bartlett said, “The value of this investment cannot be overstated as it will transform our tourism product and allow for heavier marketing of the destination. More rooms mean more visitors and more visitors mean more foreign exchange earnings and ultimately more economic growth, which is in line with our 5x5x5 growth strategy.”
Currently Jamaica’s room stock is 32,000. As part of the Ministry’s 5x5x5 growth strategy, the aim is to have 15,000 additional rooms by 2022.
“These mega projects are ready to go. Funding is in place, lands have been purchased and development ready to begin following the requisite approvals being granted. In fact, H10 will officially break ground on February 6 and Princess Hotels will do so by mid-February,” added Minister Bartlett.
Minister Bartlett is currently in Spain participating in FITUR, the largest International Tourism Trade Fair for inbound and outbound Ibero-American markets. He will also host business meetings with tour operators, airline representatives and other industry partners. He will also meet with the chair persons from major Spanish investors such as Iberostar, Grand Bahia, Grupo Pinero and Grand Palladium.
The Minister is accompanied by Director of Tourism, Donovan White, and the Ministry’s Senior Director for Corporate Communications Fiona Fennell. Minister Bartlett and delegation are scheduled to return to the island on January 27, 2019