Project Overview
OVERVIEW
In 2018, the St Vincent and the Grenadines (SVG) economy is estimated to have grown by 2.0 percent, up from 0.7 percent in 2017, largely driven by the performance in tourism, manufacturing, fishing and construction. Visitor arrivals to SVG recorded positive growth annually since 2010, reaching 356,069 visitors in 2018, one year after the opening of the Argyle International Airport (AIA). Stayover arrivals increased by 5.4 percent with improved performance from the USA and Canada, two of the major markets benefiting from direct flights to and from the AIA.
A key objective of SVG’s 2013 – 2025 National Economic and Social Development Plan is to stimulate growth in the tourism sector driven largely by increased tourist arrivals, along with positive spillovers in construction, agriculture and wholesale & retail trade.
Acceleration in tourism development is hinged in part on having regular and frequent international flights to SVG from major source markets. Increase in direct airlift from the US and Canada has already resulted in increased visitor air arrivals. To attract larger airlines, the country requires 3,500 rooms in proximity to AIA. SVG now has 1,900 rooms, of which 1500 are in the Grenadines. The Government will commence with the addition of 950 new rooms on mainland St. Vincent; and will lead in investing in increasing the number and quality of rooms - as the private sector has been very risk averse.
The project finances the construction of a 93-room hotel plant at the Diamond Industrial Estate on the south-western side of mainland St. Vincent - approximately 2 miles from the Argyle International Airport. The project is financed by SVG’s National Insurance Services, National Properties Limited, and Central Government, and the CDF. The construction phase will create 150 short-term jobs; and on completion, the hotel will create approximately 51 long term jobs. The hotel will be operated under the Intercontinental Hotel Group brand.
