Home Hotel service Pageant Beach Hotel Enjoys C $ 10 Million Duty Free

Pageant Beach Hotel Enjoys C $ 10 Million Duty Free

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Pageant Beach hotel website

(CNS): Documents released by the Department of Finance revealed that developers of the proposed hotel at the Pageant Beach site in George Town were granted 100% duty free on the project for an amount of up to up to $ 10 million worth of goods. The CNS has been fighting for a year to gain access, via an access to information request, to all the details of the concessions lifted by the last government on major developments, and the mediator recently ordered the publication of several other files in connection with this request. .

Although a confidentiality agreement exists for the project, the ministry has been tasked with disclosing the details of the waivers. The documents also revealed that the developer had received a refund of just over $ 356,000 for planning fees.

According to the documents, the developer was granted a 100% exemption from import duties up to a total amount of CAD 10 million on all building materials, furniture, fixtures and operating equipment required for the project. hotel development. The exemption, which was renewed last year after the project was stopped long before the pandemic, is now valid until 2023.

The developer, who does not have a local partner, has also been exempted from advertising it before obtaining the necessary license to establish Pageant Beach Hotel Ltd. According to the documents, the developer is HHG Cayman Ltd, which redeveloped Treasure Island into Margaritaville after obtaining a large number of concessions, to close shop there too.

After previous delays, the Pageant Beach project started in December 2019, but in March 2020 the site was closed due to the lockdown. However, when the construction industry restarted last summer, this site remained closed. Although work has recently resumed on the hotel site, which bears the Grand Hyatt Residencies brand, there has been very little actual construction since work began in late 2019.

The developers claim on their website that condos are at 80% but a new banner that has emerged on the site indicates that it is now sold at 75% and that they are still selling units at an average price of US $ 1,400 per square foot, which ‘they describe as being well below the market rate.

According to the concession agreement, the developer is also obliged to ensure an on-site workforce of at least 60% Caymanian. They should also report on current employment arrangements to what is now WORC.

Consult the relevant documents in the SNC Library (scroll to HHG Cayman Ltd).



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