Construction will begin almost immediately on the $40 million Marriott Hotel project which saw it official ground breaking earlier this week.
That is according Director of Leisure World property Ian Fraser who said that the necessary approvals have been granted by the DCA and the Environmental Division and the first phase of the project which is the demolition of the former Coconut Beach Club, will begin immediately.
The Marriott development is a venture of Leisure World Hotels Limited, which is jointly and equally owned by Sand Dollar Limited and Property whose investors comprise of some of Antigua’s most notable real estate developers.
The Coconut Beach Resort by Marriott will comprise of 40 high-end condominiums and a 70 room five star hotel with modern water features, eco-friendly amenities and a sustainable facility design throughout the property.
Fraser said that up to seventy percent of the project will be funded through the Citizenship by Investment Program (CIP).
Meantime Government’s Chief of Staff Lionel Hurst says that discussions have begun with several other investors which will see even more hotels being developed on the island.
He said that during the groundbreaking ceremony held at the Yepton’s Beach Club on Tuesday, several of the investors present expressed additional interest in at least two sites on Antigua where they would like to construct high-end hotels.