Tobago hoteliers upgrading properties with $50m grant

Still reeling from the impact of the covid19 pandemic, Tobago’s hoteliers and guesthouse owners have begun upgrading their properties with funding from the Government’s $50 million Tourism Accommodation Relief Grant.

Finance Minister Colm Imbert had announced the initiative in March, saying it will help hoteliers enhance their properties, post covid19.

In a statement on Friday, the Tobago Tourism Agency Ltd (TTAL) said since it opened applications for the grant in June, some 62 properties on the island have been approved for financial assistance.

It added some property owners have already begun the upgrade process with the funding they got through the agency.

The statement quoted TTAL CEO Louis Lewis as saying: “The Tobago Tourism Agency Limited is encouraged by the number of accommodation properties which have taken the opportunity to access the grant facility for upgrades to their establishments.

“This will certainly contribute positively towards enhancing the physical quality of our accommodation product post covid19, and improve our competitiveness going forward. It is also an immediate stimulus for economic activity in the construction sector.”

The statement said, to date, almost $15 million of the $50 million relief grant has been invested into Tobago’s tourism industry by the government.

It added property owners have accessed grants ranging from a maximum of $100,000 for establishments with two to seven rooms, $300,000 for those with eight to 50 rooms and $500,000 for properties with 51 to 99 rooms.

Owners of properties with 100 or more rooms received a grant of $600,000.

The statement said TTAL continues to accept and process applications for the upgrade grant from tourism property owners and has made available step by step information on the application process on their website at https://www.visittobago.gov.tt/corporate/tobago-tourism-sector-relief-grants.