Mr. Speaker, for growth and development any economy requires investor confidence. That confidence is demonstrated in many ways and in the hospitality business, investment in the physical plant and in the people who provide the service are key indicators. Mr. Speaker, I would summarise the general principle as follows: Investors are said to be confident when the news about the future is good.
Mr. Speaker, I have today introduced for the consideration of this Honourable House, an Order proposed to be made under the Tourism Investment Act 2017. Mr. Speaker, this Order is another tangible demonstration of the investor confidence that exists in Bermuda as a tourism destination.
Mr. Speaker, Honourable Members will be familiar with the iconic property known as Cambridge Beaches and its significant history in the promotion and development of tourism in Bermuda. Mr. Speaker, located in the west end of the Island the property is owned by Cambridge Beaches Holdings Limited, a Bermuda Company, and I am pleased to advise this Honourable House that in addition to the considerable investment and upgrades already made to the property, the owners intend to renovate all the existing cottages, restaurants, spa, public areas including the tennis courts, pools and grounds.
Mr. Speaker, this is a local company who have taken the vision of the original family owners and determined to build on it to the benefit of Bermuda’s tourism product. This is the kind of development and growth that the Tourism Investment Act is designed to support.
Honourable Members will note that the terms of the Order are in keeping with the existing provisions of the Act and represent the owner’s ability to deliver on the plans and vision for the site.
Mr. Speaker, as part of the consideration of the application for the relief provided under this Act, I took note of the owner’s commitment to staffing the hotel.
Mr. Speaker, Cambridge Beaches aims to ensure that Bermudian staff are continually trained and promoted through the ranks to provide the Resort with a consistent level of service, longevity and local hospitality ambiance. The owner is clear that the success of the Resort has been and will continue to be dependent on its people. Cambridge Beaches will ensure that the Resort continues to conduct comprehensive in-house training and refresher courses.
Mr. Speaker, the news about the future of tourism is good. Tourism- related businesses are seeing a return of brisk trade and the goal of the Government is facilitate the conditions for that growth to continue.
Thank you, Mr. Speaker.