A heads of agreement signing ceremony was held at the Office of the Prime Minister for the Royal Caribbean Beach Club on Paradise Island on Monday.
Prime Minister, the Hon. Philip Davis was in attendance and said the $165 million project will further enhance the vitality of our tourism product.
It is expected that 49% of the shares in the project will be vested in the National Investment Fund for the benefit of Bahamians. Prime Minister Davis said, “it is anticipated that PDI Paradise Limited will hold at least 51% of the shares in the Royal Beach Club with the remaining shares allocated to the National Investment Fund for the benefit of the Bahamian people.”
The Prime Minister also addressed concern that the beach club would negatively impact existing businesses along Bay Street. “The island itself cannot accommodate all of the tourist that will be coming in by cruise line. So we are creating other attractions, this will be one of it. I’m not concerned about any loss of business in any other side of the town,” Davis said.
Royal Caribbean International Group President, Jason Liberty was also present for the signing. He said that he hopes the Royal Beach Club will bring the best experiences for their guests.
The Royal Beach Club will be located on 17 acres on the western end of Paradise Island. When complete it will employ some 200 people and feature private cabanas, pools, live music, local artisans and more.
