Jolly Beach Attracts Multiple Buyers as Government Targets Near-EC$100M Sale

At least four groups have expressed interest in acquiring Jolly Beach, with the Government now hoping a sale could approach EC$100 million.

Prime Minister Gaston Browne said representatives connected to Marriott were expected in Antigua and Barbuda, while Club Med had already visited. A Chinese group has offered between US$30 million and US$35 million and proposed pursuing a Rosewood-branded hotel, subject to approval by the luxury brand.

The owner of Iberostar was also expected to visit within about 10 days, he said.

Browne described the property as a prize asset and said the level of interest vindicated the Government’s earlier decision to transfer it to Social Security in exchange for longstanding Government debt.

At the time, the administration argued that the swap replaced an old, non-performing receivable with an income-producing resort asset. Browne said Jolly Beach had been generating approximately EC$4 million annually and could eventually have been sold for close to EC$100 million.

He said Social Security’s rejection of the arrangement meant the institution missed the opportunity to realise that potential gain. Workers’ severance obligations associated with the property had already been settled, he added.

No preferred bidder or completed sale was announced. The competing expressions of interest remain subject to negotiation, due diligence and any brand or regulatory approvals.