More hotels could close in Barbados

(Barbados Nation) More hotel closures could be on the cards for Barbados as its most important sector faces increased operational bills while at the same time forced to lower prices to boost arrivals, Opposition Leader Owen Arthur said yesterday.

And the Barbados Labour Party (BLP) leader is also contending that the Government’s Tourism Industry Relief Fund has only scratched the surface to make things better for hotel operators looking for financial assistance.

Instead, he feels a special tourism development bond should be floated to make use of some of the excess liquidity in the financial sector and the National Insurance Scheme, the proceeds of which should be made available at relatively concessional rates to investors in the sector to finance the systematic upgrading and capacity of the country’s most important source of foreign exchange.

Arthur made these comments yesterday while giving a keynote speech at Hilton Barbados, after the annual general meeting of the Barbados Employers’ Confederation.

 

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