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CONTINUED INVESTOR CONFIDENCE IN GRENADA ECONOMY WITH LAUNCH OF YET ANOTHER HOTEL PROJECT

Rebel Nation | April 21, 2021

Grenada continues to attract significant investment in the tourism industry. The latest demonstration of the high level of investor confidence in the local economy came on Wednesday, with the ground-breaking ceremony for the Beach House project.

The US $20 million project is the second hotel development in Grenada for Naguib Sawiris, the owner of Silversands Grenada. Construction will begin in June this year, with completion anticipated within 18-months.

Prime Minister, Dr. the Right Honourable Keith Mitchell has welcomed this latest investment in the country, which will create 200 jobs in the construction phase and up to 100 permanent jobs upon completion.

Dr. Mitchell said, “This is Naguib’s second project in Grenada and I must say that to date, he has proven to be a man of his word. Many people present plans and drawings on paper but nothing materialises. Naguib has delivered before and I am fully confident that he will deliver again. He has demonstrated great love for Grenada and has invested his own resources into the country; there has not been a single Citizenship by Investment application attached to his projects. This clearly demonstrates his personal investment in the country and that is commendable.”

The Prime Minister used the occasion to reiterate the need for vaccination as the key element in getting the economy moving again. He called on persons in the private sector to join the call for Grenadians to be vaccinated.

Dr. Mitchell said, “Not enough of our people are speaking out on the issue of vaccination, of protecting what we have here. The beauty of the country and the friendliness of our people are well-known, our low COVID-19 infection rate is earning us excellent reviews on the international stage, the critical point now, is maintaining that perception and expanding it in terms of real development. The private sector has a significant role to play in the local economy and they have invested heavily, therefore I cannot understand why they are so silent on the matter. It is also more than hoteliers, the pandemic has affected all sectors of the economy and representatives of all the sectors need to be speaking out on this matter. We all have a stake in the future of this country.”

The current Beach House facility has 30 rooms and the investor has declared his intention to expand, doubling the amount of rooms to 60.

Tourism Minister, Honourable Clarice Modeste Curwen welcomes the addition to Grenada’s room stock. Providing figures that illustrate a great disparity between the number of hotel rooms in Grenada and other Caribbean countries, Minister Modeste- Curwen said, “Room stock is a major factor in negotiating with airlines to fly to Grenada; it is what we need as leverage to bring more flights and more people. Therefore, I appreciate the additional rooms that will be coming and in talking to the airlines, we can speak of the significant improvements we are making in that regard.”

Mr. Sawiris also disclosed plans for other developments that will further add to Grenada’s room stock, including a second Silversands at Mt. Cinnamon and two hotels at Port Louis. Like the Tourism Minister, he also underscored the importance of room stock in attracting flights.

“With the various hotel developments now on stream, they will add a significant number of rooms to Grenada’s room stock. Hopefully, that will kill the jargon from the airlines that they cannot fly here because there are insufficient rooms to accommodate their load,” Sawiris said.

The Beach House project will include an elegant Italian restaurant, spa and gym services and water sports.

Written by Rebel Nation

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