BIU Support Govt Guarantee For Fairmont Hotel
Citing the “significant value of this hotel to our economy,” BIU President Chris Furbert said that the Union would support a Government guarantee for the Fairmont Southampton, noting that the hotel will provide over 700 jobs, decrease the number of Bermudians that are unemployed and “provide a much-needed boost to our economy.”
Noting that it was reported that the “OBA wants answers on $50m guarantee deal for Fairmont Southampton developers,” Mr Furbert said that the “former Government is asking about a $50m guarantee that is being provided for the largest hotel in Bermuda and they are not recognising the benefits of the guarantee such as;
- “1. Upon completion of the renovations it will provide 700 plus jobs, because the BIU lost about 650 members due to the closure.
- “2. Decreasing the number of Bermudians that are unemployed.
- “3 .Reducing the number of people that are receiving a supplemental benefit payment.
- “4. The increase in our air lift for Bermuda.
- “5. Decreasing the amount of money that we are paying to Skyport that is about 41 million to date. found on page 13 of the 2022/2023 budget statement.
- “6. This will provide a much-needed boost to our economy that will improve the lives of our taxi drivers etc, and the other businesses that provide services to the hotel.
“Therefore, if the guarantee needed to be $75m to $100m, I think because of the significant value of this hotel to our economy. we would support the Government.
Mr Furbert added, “Allow me to point out to the people of Bermuda what transpired under an OBA government
- “1. The airport deal which over the next 35 years has a minimum guarantee attached to it.
- “2. The Morgan’s Point $160m guarantee. the people of Bermuda were not informed about this.
- “3. The St. Regis Hotel concession of 137 work permits that were given in closed and restricted categories. which now has Bermudians unemployed whilst migrant workers are working in closed categories.
The BIU President added that “the people of Bermuda were not informed” about those three matters.
In the recent Budget statement, Premier and Finance Minister David Burt said, “We have ensured that guarantees extended to hotels, like the one provided to the new St. Regis property in 2018 or the 2019 agreement between the former Minister of Finance and the developers of the Fairmont Southampton, do not overexpose the Government.
“We are making sure that all hotel development is fully funded so that taxpayers are not left bearing the cost. Properties like the Fairmont Southampton, which was the largest private employer in Bermuda, are a national priority. So much in this country depends on a successful tourism industry.
“Without it we do not have sufficient visitor numbers, our attractiveness as an international business jurisdiction is reduced and all of the businesses that support it suffer, including food services, transportation and entertainment. Tourism is essential, and it is the responsibility of the Government to use all of the tools at its disposal, including appropriate guarantees where necessary, to facilitate successful hotel development.”
Well the BIU can pay for it then, put the money where your mouth is and not where your pocket is. BIU will get money when it opens and has new members , so how about the BIU put up the investment.
Ah, LOL, at it again…it’s all the OBA’s fault..got it? Not 25 years of PLP mismanagement and incompetence? It was all in those 5 years of OBA rule it all went South? Right.
It is impoor- tint to understand we will deceive you.
We need a live one on one with the egomeir, sir john and let Curtis be the moderator.
Furbert seemed to overlooked a few other details. Firstly he will personally benefit from the dues paid by an extra several hundred BIU workers. 700 sounds way too many but even 400 will be a nice windfall. Secondly under PLP Governments Bermuda has been placed in debt exceeding $3bn. Thirdly, Bermudians have never been told exactly what are the terms of the PPP used to pay for the hospital wing, but costs around $40M a year. Last one, why weren’t Bermudians advised about the Revenue Guarantee for the new airport when the terms were endlessly scrutinized by the PLP. They didn’t seem worried until the PLP shut down the airport, triggering the payments.
I am not a fan of many of the union utterances of late but if the fairmont southampton project can provide construction jobs through the renovation phase and permanent jobs once it opens then I am all for it. We need jobs and we need investment, and sometimes we have to give a little to get some more.
Broke @$$ union will support broke @$$ Government
That seems a fair trade for the PLP Government supporting a guarantee from the BIU for construction of the DLBE building