{"id":244525,"date":"2025-07-26T06:14:52","date_gmt":"2025-07-26T10:14:52","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=244525"},"modified":"2025-07-26T06:14:53","modified_gmt":"2025-07-26T10:14:53","slug":"government-advances-major-expansion-and-revitalization-of-jolly-beach-resort-as-national-asset","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/government-advances-major-expansion-and-revitalization-of-jolly-beach-resort-as-national-asset\/","title":{"rendered":"Government Advances Major Expansion and Revitalization of Jolly Beach Resort as National Asset"},"content":{"rendered":"
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Government Advances Major Expansion and Revitalization of Jolly Beach Resort as National Asset<\/strong><\/h3>\n\n\n\n

Prime Minister the Honourable\u00a0Gaston Brownehas announced bold next steps in the revitalization and strategic transformation of the iconic\u00a0Jolly Beach Resort, reaffirming the government\u2019s commitment to leveraging this national asset for sustainable development, economic growth, and long-term social security stability.
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Speaking following a recent tour of the Jolly Beach property with fellow Cabinet members, Prime Minister Browne described the improvements to the facility in recent months as \u201csignificant,\u201d noting the resort\u2019s transformation from a state of near-dereliction two and a half years ago to a profit-generating facility poised for further growth.<\/p>\n\n\n\n

The Rob Barrett Group of Companies, under the Elite Island Resorts brand, has already investedapproximately USD $5 million in refurbishing the resort. Of that investment, USD $3 million has been repaid from profits generated over the past two and a half years\u2014leaving an outstanding balance of just USD $2 million. The government is now in advanced discussions to provide an additional USD $4\u20135 million to restore more rooms and enhance the overall guest experience.<\/p>

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\u201cThere is currently an entire block of 30 rooms out of commission,\u201d Prime Minister Browne explained. \u201cWe are committed to bringing these back online in time for the upcoming tourist season. We also plan to construct a modern conference facility, expected to be completed by the second half of next year.\u201d<\/p>

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The Prime Minister further revealed plans to develop 6 to 7 acres of greenfield space to construct luxury accommodations, aimed atboosting average room yield and long-term profitability.<\/p>\n\n\n\n

A key aspect of the revitalization plan involves a Parliamentary motion scheduled for debate next week Thursday, which seeks to vest the Jolly Beach property in the Antigua and Barbuda Social Security Board. This strategy would help resolve longstanding government bond obligations\u2014some more than a decade old\u2014by offsetting them with a tangible, revenue-generating asset.<\/p>

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\u201cThis is a great opportunity to strengthen the balance sheet of the Social Security Scheme, while also preserving Jolly Beach as a national asset that continues to generate domestic profits and economic activity,\u201d the Prime Minister stated. \u201cIt benefits not only Social Security but also hotel employees, vendors, suppliers, and other stakeholders.\u201d<\/p>\n\n\n\n

The resort has already proven financially viable, generating between USD $1.5 to $2 million in annual profit, far surpassing returns on the government\u2019s non-performing bonds currently held by the Social Security Fund.<\/p>

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Looking ahead, the government intends to partner with Elite Island Resorts to expand the resort\u2019s room count from its current level to approximately 550 rooms over the next 18 to 24 months. This expansion will be supported in part by the Citizenship by Investment Programme (CIP).<\/p>

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\u201cWe are confident that by leveraging the CIP and attracting investors to purchase units, we can generate up to EC $200 million in net revenue,\u201d said Prime Minister Browne. \u201cThese units will remain in the rental pool, providing consistent returns that go directly into Social Security\u2019s coffers\u2014contributing to long-term pension sustainability.\u201d<\/p>\n\n\n\n

Buyers under the CIP will enjoy limited annual access\u2014typically two weeks\u2014while the units remain active income generators through the resort\u2019s rental operations.<\/p>\n\n\n\n

Prime Minister Browne emphasized that the Jolly Beach Resort will remain a flagship national investment, delivering social and economic returns for decades to come.<\/p>\n\n\n\n

\u201cThe transformation of Jolly Beach is more than a hotel upgrade\u2014it is a strategic intervention in national development. It ensures profitability, protects pensions, and generates broad-based economic opportunities across the country.\u201d<\/p>\n\n\n\n

The government is expected to engage with stakeholders in the coming weeks to finalize investment plans and secure financing for the next phase of development.<\/p>\n\n\n\n

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Government Advances Major Expansion and Revitalization of Jolly Beach Resort as National Asset Prime Minister the Honourable\u00a0Gaston Brownehas announced bold next steps in the revitalization and strategic transformation of the iconic\u00a0Jolly Beach Resort, reaffirming the government\u2019s commitment to leveraging this national asset for sustainable development, economic growth, and long-term social security stability. Speaking following a […]<\/p>\n","protected":false},"author":3,"featured_media":244526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-244525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nGovernment Advances Major Expansion and Revitalization of Jolly Beach Resort as National Asset - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/government-advances-major-expansion-and-revitalization-of-jolly-beach-resort-as-national-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government Advances Major Expansion and Revitalization of Jolly Beach Resort as National Asset\" \/>\n<meta property=\"og:description\" content=\"Government Advances Major Expansion and Revitalization of Jolly Beach Resort as National Asset Prime Minister the Honourable\u00a0Gaston Brownehas announced bold next steps in the revitalization and strategic transformation of the iconic\u00a0Jolly Beach Resort, reaffirming the government\u2019s commitment to leveraging this national asset for sustainable development, economic growth, and long-term social security stability. 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