Prime Minister lauds investors as $400m hotel opens in Cascade

The Prime Minister is encouraging people to have confidence in the country’s future and invest in it, otherwise, opportunities will pass by and there will be no growth.

Dr Rowley made the statement at the official opening of $400 million Brix Hotel, the newest member of the Autograph Collection by Marriott International, at Coblentz Avenue, Cascade on Saturday.

He congratulated the investors – the families Aboud, Rahal, Kalloo, and Smith of Superior Hotels – on having the confidence to take action to steer the country away from negative outcomes as he hoped they would be a beacon for others to follow.

The group also invested in the Five Islands Water and Amusement Park in Chaguaramas.

The Brix has 161 guest rooms and suites. It created 100 jobs during the construction and outfitting process and will employ 150 people of which 99 per cent will be local. The art is local and the cuisine will be influenced by local and Caribbean flavours.

Rowley said TT has been seeing a protracted period of difficulties. He said government expenditure and activity is basically the lifeblood of the country but revenue streams have been severely challenged. So much so that he could not remember, in recent times, the last time the country had surplus revenue.

“In that environment, I would not hold it against anyone for feeling a vibration in their knees, for being concerned about what the future holds because our future has always been a challenging one.”

However, he said the spirit showed by the investors is what is required in TT today or the country’s situation could worsen.

“I’m very pleased to be here with these local investors who have the ability, either from their savings or their ability to borrow, to have come and expend that on a project like this simply because I want to believe they have confidence in this country. Nobody would go off and make that kind of investment if you don’t have confidence that there is a tomorrow and that tomorrow would be better than today.”

He believed those who earned a lot of money should reinvest in TT so others, especially the youth, could have a better life and a brighter future.

John Aboud, one of the directors of Superior Hotels, expressed that confidence in TT and what it had to offer.

He said, “You would be proud to know that what you see here today was done by nationals of TT. Though it was always our intention to engage in an international flag for obvious reasons, the investor group was firmly committed to ensuring the hotel maintained its local identity and history as affirmed by our name, The Brix, which is the chemical measurement of sugar in solution, a crop with deep historical, financial and cultural meaning to TT.”

Randall Mitchell Minister of Tourism, Culture and the Arts added, “Through the Tourism Development Act this hotel qualified for and received a number of concessions. And at last count, $12 million in revenue from Customs and Excise were forgone by government. In other words, the government, through the Tourism Development Act, has invested $12 million into this new prime hotel property.”

He said the $12 million was an investment towards diversification of the economy since the hotel would stimulate several linked industries including agriculture, manufacturing, transport, entertainment and tourism.

Also in attendance were Attorney General Faris Al-Rawi, Minister of Trade and Industry Paula Gopee-Scoon and Minister of Works and Transport Rohan Sinanan and Port of Spain Mayor Joel Martinez.