One of the primary objectives of the government being economic restoration, has led to the promise of a major international investment by Cotton Bay Holdings, after the signing of a Heads of Agreement took place yesterday, December 6th 2021.
The Ritz Carlton, which is an American multinational company made up of a chain of luxury hotels, in partnership with Cotton Bay Holdings will be opening a new hotel in South Eleuthera with the potential to create 500 jobs.
The hotel which is set to be completed in less than four years, is a 200-million-dollar investment that seeks to create opportunities for young people to develop and grow without the need to leave their hometown, according to Daniel Zuleta, Manager of Cotton Bay Holdings.
Deputy Prime Minster and Minister of Tourism, Investments and Aviation, Chester Cooper shares in the sentiments of the hotel being used as a driver of opportunity. He said, “We want to ensure that there is an integration of the development into the community in terms of using local artisans, infusing art and culture, and Bahamian entertainment as best as possible and causing there to be entrepreneurial advancement and creating linkages with the tourism product.”
Prime Minister Philip Davis expressed his optimism in the project and stated he hopes it will turn into a configuration that will light up South Eleuthera and bear the fruits that the government thinks it will bear.