Antigua-Barbuda signs US$120 million luxury hotel joint Venture
St John’s, Antigua — On Sunday, Antigua and Barbuda Prime Minister Gaston Browne signed a memorandum of agreement (MOA) with Sheikh Tariq bin Faisal Al Qassemi, a member of the ruling family of Sharjah in the United Arab Emirates (UAE), for a luxury hotel project valued at US$120 million.
The sheikh signed the MOA on behalf of Al Caribi Development Ltd, the company that will develop a five star branded luxury resort at Morris Bay. The new resort will occupy 36 acres of prime beachfront property, 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, 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 will be determined by Al Caribi Development, in consultation with the government.