Latest update November 23rd, 2024 1:00 AM
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Govt. takes over Casique Palace and Banquet Hall
…will sell when construction is over-Dr Luncheon
By Gary Eleazar
The government as well as the owners of the Casique Palace and Banquet Hall has entered into an agreement wherein the government will acquire and complete the construction of the edifice.
This was disclosed by Head of the Presidential Secretariat, Dr Roger Luncheon, who said that in addition to the more than $30M that was loaned to the proprietors, Beverly Arthur and Bobby Smith, the final sum for completion has not yet been worked out.
The Casique Palace and Banquet Hall
Dr Luncheon opined that the hotel should be completed by year-end or early next year.
According to the HPS, following the completion of the structure, it will be sold and the liabilities that are in place will be addressed with the proceeds from the sale.
It is unclear as to the specifics of the deal, given that media operatives were not allowed to question the then proprietors who were only introduced to the media and then rushed off.
Dr Luncheon specified that the company, having arrived at the agreement, has adopted a resolution giving the government the authority to complete and dispose of the asset.
When asked why the deal took so long to be worked out, Dr Luncheon pointed out that over the past few years the private sector has displayed and amazing ability to finance developmental projects leading to greater economic development.
As such, Dr Luncheon pointed out that the investors had been working aggressively behind the scenes seeking to secure financing to complete the edifice.
He said that it was only after all of the potential avenues were exhausted that Government came into the picture. According to Dr Luncheon, the government has committed to be supportive of development.
He reiterated that Govt. involvement was predicated on closure in all outstanding matters, hence, delay came in exhausting the matter in the private sector. Failing to do so brought on board the administration.
The Casique Palace and Banquet Hall was slated to be completed for Cricket World Cup but due to lack of resources the construction stalled.
The Casique Palace and Banquet Hall, is expected to offer 49 rooms, a banquet hall that could cater for about 700 persons, three catering restaurants, a storage room, a second-floor pool, lawns, 21 suites including two with presidential facilities and tuckshops.
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