Palace Resorts seeking to invest US$300 million more in Jamaica's tourism sector
Palace Resorts is reportedly seeking to increase its investment in Jamaica’s tourism sector to US$500 million, according to the Ministry of Tourism and Entertainment.
Gibran Chapur, the executive vice president of Palace Resorts, made the disclosure while officially opening its Moon Palace Jamaica Grande property in Ocho Rios, St Ann recently. Some US$210 million was spent to upgrade and transform the former Sunset Jamaica Grande property into the now five-star Moon Palace Resort.
“Very good things happen in Jamaica and we want to be part of this country’s continued success,” Chapur said in a media release issued by the tourism and entertainment ministry today.
“We already have invested more than US$200 million; why not invest 300 million more,” the Palace Resort executive said further.
Explaining, Chapur said: “we are working on plans to acquire new properties in order to build new hotels. I think that’s good; it will bring new inventory to the destination and we want to do five-star hotels as we have here”.
Tourism and Entertainment Minister Dr Wykeham McNeill said he was pleased that Palace Resort was looking at further investments here. He said this would be a further boost to the tourist industry.
“We’re really seeing a transformation of Jamaica’s tourism,” he said.
Commenting on Moon Palace Jamaica Grande,” McNeill said: “They’ve done a fantastic job with the renovation and it’s hard to see this as the project that was Jamaica Grande. They’ve carried it up another notch with the largest spa in Jamaica and the fine finish to the work that was done.”