Following discussions with two major Spanish Hotel chains, H10 and Princess Resorts, Jamaica’s minister of tourism, Edmund Bartlett, has secured US$750 million in investment that will see the construction of 3,000 new rooms in Jamaica by 2021.
H10 Hotels, which will construct 1,000 new rooms in Trelawny at a value of approximately US$250 million, is a hotel chain with more than 55 hotels in 18 destinations. Princess Hotels and Resorts, ranked eighth in the Spanish market has 19 hotels. They will construct 2,000 new rooms in Hanover, to the tune of some US$500 million.
In highlighting the significance of these agreements, which were made at FITUR in Spain, 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 Feb. 6 and Princess Hotels will do so by mid-February,” added Bartlett.
Pictured, Bartlett, (second from right) shakes hands with Robert Plana of Princess Hotels and Resorts. Looking on are (l-r) Donovan White, director of tourism, Jamaica Tourist Board, and Rafael Millan of Eyeland Investments.