Financing for small hoteliers soon to be available

The Caribbean Hotels Association (CHA) has plans to launch a Caribbean Tourism Investment Fund later this year.

The announcement was made at the recently concluded Caribbean Hotels and Tourism Investment Conference in Trinidad and Tobago.{{more}}

The fund, which is expected to be launched with an initial offer of USD 100 million, will be available to regional hotels of up to 150 rooms and other small and medium sized tourism related enterprises.

A statement issued by the CHA, advises that “The fund is being established to address the investment needs of specific sectors of the Caribbean Tourism industry which are not being addressed by traditional sources of finance”.

In addition to addressing the financing gap, the fund is also intended to present an attractive investment opportunity for investors, and to assist in the development of the regional tourism industry by providing technical partners to assist entrepreneurs where needed.

The CHA proposes to launch the fund in the second half of 2008. Although existing operations are preferred, new projects may be considered. All entities intending to access the fund must be members of the CHA.

Further information on the fund can be obtained from Alec Sanguinetti, Director General and CEO of the CHA, by emailing asanguinetti@caribbeanhotelassociation.com.

This year saw record representation for St.Vincent and the Grenadines at the Caribbean Hotels and Tourism Investment Conference. The country was represented by Hon. Glen Beache, Minister of Tourism, Nadine Agard and Cleo Huggins of the National Investment Promotions Incorporated, Francelia Marksman of the St.Vincent and the Grenadines Hotel and Tourism Association and Mildred Hazel of Hazeco Tours. Other Vincentian delegates included Kelly and Jankie Glass of the K Group, Lars Abrahamsson of Friendship Bay Resorts in Bequia, and Chris McLean, property owner in Mayreau.