The 24-acre property, which is owned by the National Insurance Fund (NIF), is being managed by Melia Hotel group, under a 15-year lease agreement with the Government.
Following a recent tour of the property Dr. Ferguson said the Ministry is eagerly awaiting the opening of the resort later this month, and from all indications, the property will be value for money.
“Our expectation is that we will get an excellent return on investment over the next couple of years. In my mind it is a safe investment and we are very pleased with the work we saw taking place. We are very pleased with the leadership I found on the property and my own expectation is that it will be one of the gems in terms of hotels in this region,” he said.
Emphasising the importance of the project, Dr. Ferguson said it has provided employment for some 350 residents of Trelawny from the construction phase, and that Braco Melia represents one-third of the real estate investment of the NIF.
The Minister informed that the property is being refurbished at a cost of US$23 million and that the pace of work and budget are within schedule.
The Meliá Braco Village will have two hotels on one all-inclusive property, catering to couples and families as well as providing exclusive concierge level brand service for other guests.