Government Advances Major Expansion and Revitalization of Jolly Beach Resort as National Asset

ST. MARY, ANTIGUA — 26th July 2025 —  Prime Minister Gaston Browne has announced bold next steps in the revitalization and strategic transformation of the iconic Jolly Beach Resort, reaffirming the government’s commitment to leveraging this national asset for sustainable development, economic growth, and long-term social security stability.

Speaking following a recent tour of the Jolly Beach property with fellow Cabinet members, Prime Minister Browne described the improvements to the facility in recent months as “significant,” noting the resort’s transformation from a state of near-dereliction two and a half years ago to a profit-generating facility poised for further growth.

The Rob Barrett Group of Companies, under the Elite Island Resorts brand, has already invested approximately USD $5 million in refurbishing the resort. Of that investment, USD $3 million has been repaid from profits generated over the past two and a half years—leaving an outstanding balance of just USD $2 million. The government is now in advanced discussions to provide an additional USD $4–5 million to restore more rooms and enhance the overall guest experience.

“There is currently an entire block of 30 rooms out of commission,” Prime Minister Browne explained. “We are committed to bringing these back online in time for the upcoming tourist season. We also plan to construct a modern conference facility, expected to be completed by the second half of next year.”

The Prime Minister further revealed plans to develop 6 to 7 acres of greenfield space to construct luxury accommodations, aimed at boosting average room yield and long-term profitability.

A key aspect of the revitalization plan involves a Parliamentary motion scheduled for debate next week Thursday, which seeks to vest the Jolly Beach property in the Antigua and Barbuda Social Security Board. This strategy would help resolve longstanding government bond obligations—some more than a decade old—by offsetting them with a tangible, revenue-generating asset.

“This is a great opportunity to strengthen the balance sheet of the Social Security Scheme, while also preserving Jolly Beach as a national asset that continues to generate domestic profits and economic activity,” the Prime Minister stated. “It benefits not only Social Security but also hotel employees, vendors, suppliers, and other stakeholders.”

The resort has already proven financially viable, generating between USD $1.5 to $2 million in annual profit, far surpassing returns on the government’s non-performing bonds currently held by the Social Security Fund.

Looking ahead, the government intends to partner with Elite Island Resorts to expand the resort’s room count from its current level to approximately 550 rooms over the next 18 to 24 months. This expansion will be supported in part by the Citizenship by Investment Programme (CIP).

“We are confident that by leveraging the CIP and attracting investors to purchase units, we can generate up to EC $200 million in net revenue,” said Prime Minister Browne. “These units will remain in the rental pool, providing consistent returns that go directly into Social Security’s coffers—contributing to long-term pension sustainability.”

Buyers under the CIP will enjoy limited annual access—typically two weeks—while the units remain active income generators through the resort’s rental operations.

Prime Minister Browne emphasized that the Jolly Beach Resort will remain a flagship national investment, delivering social and economic returns for decades to come.

“The transformation of Jolly Beach is more than a hotel upgrade—it is a strategic intervention in national development. It ensures profitability, protects pensions, and generates broad-based economic opportunities across the country.”

The government is expected to engage with stakeholders in the coming weeks to finalize investment plans and secure financing for the next phase of development.