HANOVER, Jamaica – Prime Minister of Jamaica, Dr. the Most Hon. Andrew Holness, has hailed the Palladium Hotel Group’s latest expansion project as a resounding vote of confidence in the Jamaican government and its economic trajectory. Speaking at the groundbreaking ceremony in Hanover recently, Prime Minister Holness underscored the project’s alignment with the administration’s ASPIRE growth agenda and its broader vision for economic sustainability.
Palladium Hotel Expansion Project
“This expansion project aligns seamlessly with our new national pivot towards robust and inclusive growth. For most of the last decade, we have as a country focused on fiscal consolidation and debt reduction. The scale and speed of Jamaica’s economic turnaround have no parallel amongst our peers in developing countries globally,” said Prime Minister Holness.
Economic Stability
The Prime Minister noted that the 950-room expansion, valued at over 500 million euros, reflects the confidence of international investors in Jamaica’s economic stability and growth potential and extended his gratitude to Spain for its continued support of Jamaica’s tourism sector, citing Spain’s extensive investment in the country. The project will also include 600 houses for tourism workers.
“I want to acknowledge and thank His Excellency the Ambassador from Spain for his country’s support for Jamaica’s tourism. You mentioned that you have a portfolio here of in excess of 2 billion euros invested right here. So, that’s a big vote that someone from another country would analyse our risk situation here and say I feel comfortable putting down that level of investment,” Dr. Holness remarked.
Prime Minister Holness further noted that the consistent expansion of the sector demonstrates investor faith in Jamaica’s macroeconomic direction.
“It’s clear businesses feel that the macroeconomic indicators are going in the right direction, which is why Minister Bartlett can say we have over 6,000 rooms that we will be breaking ground for or have already started this year – a massive vote of confidence in the government of Jamaica,” he added.
Growth of Jamaica’s Tourism Industry
While celebrating the growth of Jamaica’s tourism industry, Prime Minister Holness reaffirmed the government’s commitment to strengthening the linkages between tourism and other sectors, such as agriculture and manufacturing, thereby reducing import dependency. He outlined a clear directive for tourism investors to integrate local suppliers into their operations.
“We must give our local producers who supply the tourism industry long-term supply contracts so that they can invest in building capacity and making the quality the standard that you would like. So that is a directive that if we don’t see it happen by virtue of this kind of moral suasion, then we will have to go further to ensure that as our tourism grows, it is genuinely growing sustainably and fairly, which for me, this means everybody will prosper,” he stressed.
Minister of Tourism, Hon. Edmund Bartlett, shared this view. He said future tourism investments in Jamaica must help local communities. Tourism is about people. This growth is about people. Six hundred more houses for tourism workers show this focus. We will have 950 top-quality rooms that offer a unique experience. These rooms will include elements of human development and growth, Minister Bartlett stated.
Tourism Enhancement Fund
The tourism minister also highlighted the significant opportunities that the project will bring for local businesses. “Nine hundred and fifty more rooms will provide countless new opportunities for linkages, and we have established that through policy and the activities of the Tourism Enhancement Fund to go at a dimension unprecedented in our history. From our discussions at FITUR, that was a critical part of the agreement; every investor that will come to Jamaica from henceforth must have a component for housing and linkages with the local economy,” he said.
“We are grateful for the collaboration and commitment shown by our partners here in Hanover. In two years, I hope we will be enjoying these facilities not just as renderings but as a vibrant reality that sets new standards in hospitality,” added the President of the Palladium Hotel Group, Abel Matutes Prats. The expansion will include a state-of-the-art convention centre capable of hosting over 1,000 guests, enhancing Jamaica’s position as a premier destination for conferences and events. Additionally, the project will introduce newly designed buildings focused on optimal energy efficiency and sustainability as well as the launch of educational initiatives and skill-development programmes for residents.
