The government plans to develop the proposed Yepton Beach hotel as a public-private partnership that would allow Antiguans and Barbudans to own a stake in the tourism project rather than leaving ownership solely in foreign hands, Prime Minister Gaston Browne said Saturday.
Browne said the revised approach reflects the administration’s broader objective of increasing local participation in the country’s tourism industry by giving citizens and public institutions an opportunity to invest in major developments.
Speaking during his weekly Pointe FM programme, the prime minister said the government intends to retain an equity interest in the Yepton Beach project instead of selling the land outright to a private developer.
“We’re looking at a public-private partnership,” Browne said, explaining that the government wants to ensure the country benefits not only from construction activity and employment, but also from the long-term profits generated by the hotel.
Under the proposed structure, Browne said institutions such as the Social Security Scheme and other domestic investors could participate alongside the private developer, creating an opportunity for Antiguans and Barbudans to own shares in the resort.
He said the model would represent a departure from the traditional approach in which foreign investors own and operate tourism properties while local participation is largely limited to employment.
“We want our people to have ownership,” Browne said, adding that broadening local investment in the tourism sector remains a key government objective.
According to the prime minister, retaining an equity stake would also allow the government to benefit from future increases in the value of the property and provide a continuing source of revenue rather than relying solely on the proceeds from a land sale.
Browne said the administration believes the strategy will create greater national wealth by enabling citizens to participate directly in profitable tourism ventures while continuing to attract foreign investment and international hotel brands.
Antigua Newsroom
