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MONTEGO BAY, Jamaica; October 19, 2018: Prime Minister, the Most Honourable, Andrew Holness has signalled that Jamaica’s Tourism is ripe for more investments given the consistent growth and development in the sector.
Speaking at the official opening of the Excellence Group’s newest luxury resort at Oyster Bay, Trelawny, yesterday (October 18), Prime Minister Holness highlighted that, “Jamaica has continued on its path of unprecedented growth in the area of tourism over the last two years. Last year 4.3million tourists visited Jamaica’s shores and revenue grew in the sector from US$2.1 Billion in 2016 to approximately US$3 Billion in 2017,
Jamaica is also committed to attracting 5million visitors by 2021 and if we attract this number we will be able to achieve revenue of USD5billion. To investors locally and abroad it is a tremendous time of opportunity to invest in the Jamaican tourism industry and in Jamaica overall as the country’s economic reform programme has had a significant positive impact.”
In congratulating the work of the Excellence Group in Jamaica, Tourism Minister, Hon. Edmund Bartlett said, “The development here has proven that it is possible to have turnaround time for major constructions that are less than eighteen months. This helps to satisfy investors that when they come to destination Jamaica they can start their business quickly after they have broken ground,
We see that this development having completed its turnaround within eighteen months now opens the doors for the continuation of the investment activities as we are expecting that the construction of the villas will start very soon.”
The opening of the adults-only luxury resort in Oyster Bay will bring to total three internationally recognised brands to set up operations in Trelawny – Royalton Resorts and Melia Hotels International. Last year the Excellence Group broke ground for the 315-room property valued at US$110 million. The company has already committed to further investment in Jamaica through additional developments in the near future.
Minister Bartlett added that “We know that you have 2500 rooms within the Latin American region but we know there is a promise to have 2200 rooms in Jamaica so that makes a statement of the importance of Jamaica as a destination of choice and we are excited about that.”
Overall, Spanish investment in Jamaica’s tourism industry amounts to approximately US$1.7billion and about 25% of the rooms built in Jamaica are the product of Spanish investment.