The Cabinet commenced a discussion with an investor who wants to purchase the old Jolly Beach hotel and to refurbish it for use.
He has demonstrated that the resources required are already in an account and that he is prepared to invest up to USD$15 to $20 million to make it a four-star hotel ready to receive guests.
The Cabinet is considering providing the investor with a lease of the property for 50 years.
Other developments in and around Jolly Beach will commence later this year, including the Nikki Beach project.
