Fortune favours the brave at Secrets Resort
Published:Friday | May 14, 2010 | 12:00 AM
Janet Silvera, Senior Gleaner Writer
WESTERN BUREAU:
While other banks retreated from the market, on the eve of the global financial meltdown National Commercial Bank corporate banking was committing US$80 million to the construction of Jamaica's newest hotel, the 700-room Secrets resort in Montego Bay, St James.
On Wednesday night, the local bank witnessed the historical ribbon-cutting ceremony officially declaring both Secrets Wild Orchid and Secrets St James open. It was the first time in the country's history that a local bank had partnered with a major Spanish investor and the birth of the first Jamaican-Spanish-owned hotel.
"This is the largest existing exposure to a single company," said Michael McMorris, managing director of Seawind Key Investments Limited, owners of Secrets resorts Jamaica. The former executive director of Jamaica Promotions (JAMPRO) describes the partnership with his bankers as an incredible story.
"It is a story of fortune favouring the brave by being courageous and pressing ahead in the midst of the collapse of the global market. NCB was determine to meet our needs and went out and found the financing wherever it was available," said McMorris.
NCB provided almost half of the US$180 million for the project, while the coalition of investors found the rest of the funding from Banca Mora in Andora.
General manager of Corporate Banking - NCB, Marjorie Seeberam, who lauded the quality product that has been produced from the investment. "Secrets is one of a number of tremendous investments in the western end of the island that the bank is financing," she revealed.
magnificent facility
Other major projects for the organisation are The Palmyra and Shoppes at Rose Hall. The acquisition of the Holiday Inn Sunspree Resort was also part of their portfolio.
In the meantime, Prime Minister Bruce Golding, who officially opened the resort, admitted: "Not in my wildest dreams had I envisaged that the final end product would have looked anything like this."
He added: "This is a magnificent facility that we are now able to add to the product offering of Jamaica."
He emphasised that stylish Spanish hotels such as Secrets will complement efforts by the Government to conquer the competition through creativity.
But already Secrets is a force to be reckoned with, and in the first month of operation the resort ran at a 70 per cent occupancy level.
Both hotels carry the AM Resorts brand's signature characteristics of real, refined luxury that have made it very appealing to more high-end niche markets, especially in the 25-45 years age group in the US and increasingly in Canada.
The features include guest suites with jacuzzis, private terraces, world-class spa, eight international gourmet a la carte dining options, discreet 24-hour room service, as well as fitness centre, 16,500 sq ft meeting space and one of the most spectacular beaches in Jamaica.
The design reflects the cultural roots and tropical beauty of the island and its indigenous art, while the stonework that is used extensively across the resort is among the finest seen anywhere.