EXHIBIT D
RECENT DEVELOPMENTS
The information included in this section supplements the information about Jamaica contained in Jamaica’s annual report for the year ended March 31, 2022 on Form 18-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 14, 2022 (the “2022 Form 18-K”), as amended from time to time. To the extent the information in this section is inconsistent with the information contained in the 2022 Form 18-K, the information in this section replaces such information. No significant changes to the information provided in the 2022 Form 18-K have occurred. Initially capitalized terms used in this section have the respective meaning assigned to those terms in the 2022 Form 18-K.
Principal Sectors of the Economy
Tourism
Update to the Hotels that JAMPRO Facilitated in FY 2021/22
The following table shows the hotels that JAMPRO facilitated in FY 2021/22 and for which economic data has been provided as at the date of this report:
Hotel | Capital Expenditure(1) | Jobs | Room Count | Status | ||||||
Ocean Coral Spring by H10 | US$14,000,000 | 150 Temporary | 444 | Phase 2, which includes 444 | ||||||
Hotels | 321 Permanent | rooms, became operational on December 16, 2021. | ||||||||
Princess Resorts (Phase 1) | US$69,000,000 | 400 Temporary | 1,000 | Construction on 1,000 | ||||||
25 Permanent | rooms is ongoing. Expected | |||||||||
completion is FY 2024/25. | ||||||||||
ROK by Hilton former | US$18,000,000 | 60 Temporary | 68 | Construction completed. | ||||||
Oceana Hotel Downtown Kingston) | 60 Permanent | |||||||||
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TOTAL | U$101,000,000 | 610 Temporary | 1,512 | |||||||
406 Permanent |
(1) | Amounts shown in the Capital Expenditure column are for spend reported FY 2021/22 only, and do not represent the total expenditure for the respective project. |
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Update to New or Refurbished Hotels Expected to Come On-stream
The following table shows the new or refurbished hotels that are expected to come on-stream for the period 2022-2027:
Hotel | Type | Est. Capital Expenditure(1) | Room Count | Status | ||||||
ROK by Hilton former Oceana Hotel Downtown Kingston) | European Plan Hotel | US$31,000 | 168 | Completed and open. | ||||||
Amaterra Resort – Branded by Marriott, Stewart Castle Trelawny – Phases | All-inclusive | US$200 million | 1,200 | Plans have stopped. There is no update as to when they will resume. | ||||||
Palm Beach Villas | All-inclusive beachfront villas | US$40 million | 22 | Construction ongoing – estimated to be completed in 2022. | ||||||
Hardrock Hotel & Casino | All-inclusive resort | US$800 million | 1,100 | Project on track estimated completion date to be announced at a later date. | ||||||
Princess Resort | All-inclusive resort | US$500 million | 2,000 | Construction ongoing. | ||||||
Grand Hotel Excelsior Port Royal Former Morgan’s Harbour Hotel | European Plan Hotel | US$20 million | 50 | Construction ongoing. | ||||||
Sandals Dunn’s River Golf Resort & Spa Phase 1 & 2 | Full All-Inclusive | US$280 million | 510 | Construction ongoing and estimated that Phase 1 to end in 2022 and Phase 2 in 2023. | ||||||
Villa Janus | Custom Plan | US$16 million | 11 | Construction ongoing. | ||||||
Buki Ocean View | Continental Plan Hotel | US1.7 million | 9 | Construction ongoing. Scheduled to open in 2022. | ||||||
RIU | All Inclusive | US$100 million | 700 | Expected to be completed by July 2023. | ||||||
Viva Wyndham | All Inclusive | US$300 million | 1,000 | Expected to break ground in 2023. | ||||||
Secrets Resorts | All-inclusive | US$210 million | 700 | Expected to break ground in 2023. | ||||||
Harmonization | Not Available | US$25 million | 1,000 | No information available. Update expected in 2023. | ||||||
Oyster Bay | Luxury villas | US$7.5 million | 17 | Completed. | ||||||
Terra Nova | European Plan Hotel | US$ 6.7 million | 30 | Scheduled completion in 2023. | ||||||
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TOTAL | US$2.5 billion | 8,517 |
(1) | Projections are based on the entire lifespan of the construction of the project, as opposed to year-to-date calculations. |
Over the next five years, approximately 15 hotels are projected to come on-stream, representing approximately 8,517 new rooms.
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