Published:Wednesday | June 22, 2016 | 12:00 AMSteven Jackson
More than US$550 million of investments in hotel projects are rolling out this year and the next, according to the annual market filing by the Ministry of Finance released this week.
The spend spanning 10 projects does not incorporate the casino resort developments initially projected to break ground this year but are behind schedule.
The finance ministry’s filing with the US Securities and Exchange Commission estimated the combined cost of nine projects at US$448 million but in its breakdown of investments – which actually listed ten projects, only eight of which had costs attached – the capex totalled nearly US$556 million.
This US$556 million ($70 billion) represents increased capital expenditure when compared with year earlier levels, which had J$44 billion of investments. Two years ago, the estimated investments totalled J$76 billion.
“The period of 2016-2017 will receive a total of nine hotels coming on-stream amounting to approximately US$$448.1 million in projected capital investment and represents a total of 2,205 new rooms. These investments include newly constructed hotels and hotels that are undergoing major restructuring, rebranding and expansion,” said the document filed with the SEC. The filing offers an overview of the broad Jamaican economy.
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