Government Inks US$120M Hotel Agreement Over the Weekend

Government Inks US$120M Hotel Agreement Over the Weekend

Government Inks US$120M Hotel Agreement Over the Weekend

Prime Minister the Honourable Gaston Browne, less than 24 hours following his return from Brazil, on Sunday afternoon, July 20 2014, signed a Memorandum of Agreement (MOA) with His Excellency Sheik Tariq Faisal Alqassemi of Dubai, for a luxury hotel project valued at US $120,000,000 (one hundred and twenty million United States dollars). Negotiations on the MOA took place at the Prime Minister’s Office on Queen Elizabeth Highway, during several hours of exchanges and negotiations, on Sunday afternoon.

The Sheik signed the MOA on behalf of AL CARIBI DEVELOPMENT LTD., the company that will develop a Five Star Branded Luxury Resort at Morris Bay, near the Curtain Bluff Hotel in Old Road. The new Resort will occupy 36 acres of prime beachfront lands, five acres of which will be developed into a public National Park facility for the use of Antiguans and Barbudans, and visiting tourists who wish to swim on the magnificent beach.

The development will be carried out by a joint venture company; however, should the company fail to perform in a specified period, Prime Minister Browne insisted that the land which forms a part of the Government’s contribution reverts automatically back to the Government. “This safeguard is intended to ensure that no long drawn-out court procedure is required to settle any complications resulting from non-performance,” the Prime Minister said.

Nonetheless, the first phase of the project is expected to break ground in six months or less, following the granting of licences and the completion of architectural renderings, approved by the relevant Antigua and Barbuda authorities. Additional phases of the development shall be fixed by AL CARIBI DEVELOPMENT LTD., the developer, in consultation with the Government.

The Sheik flew into Antigua from London, arriving at about 2:30 pm on Sunday afternoon, July 20 2014; he departs on the same day, back to London. Sheik Tariq Faisal Alqassemi of Dubai was accompanied by his lawyer and advisor, Mr. Nitin Singhal. The Antigua and Barbuda team included Attorney General, the Hon. Steadroy Cutie Benjamin, two Antiguan lawyers in private practice, and an Antiguan developer who arranged the undertaking.

On Sunday afternoon, following the negotiations, the Sheik was accompanied to Morris Bay by Prime Minister the Honourable Gaston Browne who piloted the negotiations. Prior to the meeting at his office, Prime Minister Browne attended the CPL Match at the Vivian Richards Stadium, where he was called upon to present The Man of The Match Trophy. Prime Minister Browne will be in office on Monday morning before 9:00 am to continue carrying out the functions of his office.

Source : http://antiguachronicle.net/economic2/item/1867-government-inks-us-120m-hotel-agreement-over-the-weekend

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Posted by on Jul 22 2014. Filed under Business, Local News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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