No Government Funding to be used for Park Hyatt‏

Douglas explained that several hotel projects from the Caribbean and around the world have stalled and some have been abandoned because of lack of funding. He added that the vast majority of hotels being advanced in the Caribbean are being paid for by significant government direct funding. However his government  has no intention of taking that route, said the leader.
Douglas then described this new approach, which will be used to finance the hotel, as creative, because they are not attracting funding from international banks. He said that the interest already generated can attract the necessary support to commence construction.
He also explained how the financing of the hotel shall work by saying that they are attempting to raise capital by inviting persons to invest as shareholders in the Park Hyatt St. Kitts Hotel and when the invitation would have attracted the appropriate responses, in terms of capital investment, they would see the beginning of the construction of the hotel.
Those persons who have responded positively to the invitation to invest would have their investment placed into an escrow account and after they have arrived at a certain level of capital, access would be then allowed by the developers, so the construction phase of the hotel will commence.
The Park Hyatt hotel is intended to be part of the Christophe Harbour project, after the agreement was signed last week with the developers in Dubai.

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