NDC's New Model for Doing Business
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Contact: Claudia Monlouis
Monday, December 17, 2007 – Chairman of the National Development Corporation (NDC) Nicholas John has lauded the roles of the Government of Saint Lucia, representatives of the Ritz Carlton, representatives of Roebuck International and Black Bay farmers in successfully cementing and welcoming the Ritz Carlton brand to Saint Lucia.
The world renowned hotel chain was initially wooed to the island by the former St. Lucian government of Dr. Kenny Anthony, and was spearheaded by the former NDC Chairman Michael Chastanet, who originally conceived, envisioned and pushed the initiative.
Said Mr. John at the recent sod turning ceremony for the The Residences, Ritz Carlton Resort St. Lucia on December 11th, “Approximately two years ago the NDC entered into a memorandum with Roebuck International, where the NDC agreed that it would sell to Roebuck approximately 135 acres of land situate at Black Bay, on which Roebuck intended to build a Ritz Carlton Resort. What should have been a simple sale of real estate, proved very challenging and was fraught with delays. We believe we have resolved or at least come a long way in resolving the issues.”
The NDC Chairman also defined the new vision of the NDC, as articulated by the new administration.
“As you know a new government took office in December 2006 and with this came a new vision as to the role of the NDC in facilitating investment in the tourism sector. It was decided that the approach would shift from just selling raw land to investors, to partnering with investors utilising the resources of the NDC,” Mr. John told the audience. “Under this new model the NDC would transfer lands to a joint venture company, into which the investor would transfer other lands acquired from the private sector. The model calls for the investor to meet or source all other capital requirements for the project.”
He said, under the model the National Development Corporation becomes an equity partner in a joint venture. The NDC, he said, is not in the business of hotel construction and management, and would rather leave that for the investor and the flagship operator. |
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