The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A third-party developer is in talks with the Government over a proposed $90 million investment to expand San Salvador’s Club Med property and wider tourism industry.

Prime Minister Perry Christie, wrapping up the 2013-2014 Budget debate in the House of Assembly yesterday, said two Canadian developers, John-Marc Daigle and Luic Dierier, and their Sand & Ocean Investment Ltd vehicle, were aiming to construct a five-star, 125-room boutique on the island.

Also planned were 360 condo units, which Club Med will manage, while the new five-star boutique will be operated by a European brand.

The Prime Minister touted the project as involving a $90 million investment, with condo sales projected to generate $110 million in revenues.

Mr Christie said the existing Club Med village would be renovated, and that the Canadian developers would add a spa facility.

Touting the project as creating hundreds of new construction and permanent jobs, the Prime Minister acknowledged the Government would have to upgrade San Salvador’s airport facilities to accommodate direct European flights and provide fuel facilities.

While acknowledging that he was speaking on the San Salvador project “prematurely”, Mr Christie said it - and others - indicated “the return of confidence in the Bahamas as a place to do business and invest”.