Government’s Presentation On Fairmont Hotel
“If there is no hotel operating there are no taxes” and “most of our competitor jurisdictions offer tax concessions far in excess of what is offered in Bermuda” were two of the statements in the Government’s presentation on the Fairmont Southampton Hotel Act.
Premier David Burt, Minister of Tourism Vance Campbell and BIU President Chris Furbert held a town hall earlier this week about the matter, and during the Town Hall a slideshow presentation was shown, which you can view below.
The hotel has been closed for some time, and in March Westend said they have “obtained third-party institutional debt and equity investors for the Fairmont Southampton in excess of $300 million,” and noted that the “target is to commence the re-development this summer with a plan for a grand re-opening in 2023.”
The 90-minute video of the full town hall is below
The developers also noted that “upon reopening, the hotel will create over 800 direct employment opportunities and many more jobs for local restaurants, taxicabs, and other related businesses.”
The House of Assembly recently passed the Fairmont Southampton Hotel Act which grants a number of customs duty and tax concessions and it can be read in full here. In most cases, the concessions last for 15 years, a timeframe which has received some criticism.
In announcing the town hall, Premier David Burt said, “The redevelopment of the Fairmont Southampton is critical to Bermuda’s tourism industry. As indicated by Minister Campbell in the House of Assembly, the passage of the Fairmont Southampton Hotel Act 2022 was an important step in our island’s tourism and economic recovery. Thursday’s town hall is an opportunity for the public to ask questions and gather more information about the benefits of this project, which will create jobs, help to increase airlift, and earn money for the country.”
The 21-page presentation shown at the town hall follows below [PDF here]
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I will believe the ex Minister of Finance saying this is not a good deal for Bermuda. He has the knowledge and experience and financial mind compared to an inexperienced person who believes he can do the most important 2 jobs well. He is also no doubt privy to information that is not being made public. Example, MP DeSilva saying he would agree to a $200 million guarantee. No doubt he would.
Nothing but a pile of lies. Creat 800 jobs pffff. He must think he is talking to a bunch
Of uneducated first grade children. Then again you get what you voted for. Carry on party people. There will be hundreds running to the UK real soon.Stay tuned!!!