News that CIBC FirstCaribbean arranged financing to the tune US $57.5 million for the reconstruction and upgrading of Sonesta Maho Beach Resort as well as Ocean Point is obviously most welcome.
As pointed out on numerous occasions, it is imperative that the various badly damaged major resorts still closed reopen where possible sooner rather than later to quickly get the tourism economy back on track.
That goes for the many timeshare properties and vacation condos, but also for these two all-inclusive accommodations plus Sonesta Great Bay Beach Resort and the Dutch side’s only other large hotel The Westin. Government can assist, but ultimately much will depend on the private sector parties involved.
There was no mention of the Maho Group’s earlier request for $12 million from Dutch recovery funds and how it relates to this new deal. Canada-based Sunwing, which had just purchased Sonesta Great Bay Beach when record-strength Irma hit, simultaneously asked for $43 million at the time.
Immediately after the hurricane’s devastating passage the two companies had already stated their partnership in a firm commitment to the destination. In that sense it is interesting to note that the CIBC First-Caribbean loan announced on Tuesday is partially guaranteed by Export Development Canada.
No matter how you look at it, this latest development is a reassuring one. The demolition of Sonesta Great Bay Beach is also in full swing, a clear indication of the owner’s intentions to rebuild.
Stayover visitors are the island’s “bread and butter” or main source of income. Room availability and a proper airport terminal with the capacity to handle the number of flights that will be needed once more guests return remain key ingredients to safeguard the people’s livelihood.
