Barbados’ government is moving forward with the divestment of the Savannah Hotel, a key component of the GEMS project, to an undisclosed buyer. This strategic maneuver aims to invigorate the hotel sector.
The Savannah Hotel in Barbados, previously under the government’s ownership as part of the GEMS of Barbados hotel project, is poised for a change in ownership. Ian Gooding-Edghill, the Minister of Tourism and International Transport, announced the government’s decision to sell the property to the highest bidder. This decision is part of a broader effort by the government to divest from Hotel and Resorts Limited (HRL), which was established in 1995 to oversee the operations of the GEMS hotels. Despite the confidentiality surrounding the identity of the buyer and the sale price, this move signifies a significant advancement in the government’s divestment strategy, aimed at revitalizing the local hotel industry’s profitability and productivity.
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