Spanish Group Makes Major Investment In Jamaica

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News Americas, New York, NY, February 24, 2025: Spanish hotel giant Palladium Hotel Group is making a major investment in Jamaica, with a massive €500 million, (J$85 billion), expansion project set to transform the island’s tourism landscape. The development, which will add 950 new luxury rooms and 600 houses for tourism workers, was hailed by the country’s Prime Minister, Andrew Holness, as a resounding vote of confidence in Jamaica’s economy and the government’s ASPIRE growth agenda.

Speaking at the groundbreaking ceremony in Hanover, Jamaica recently, Holness underscored the strategic importance of the project, noting that it reflects Jamaica’s economic resilience and attractiveness to foreign investors.

“For the past decade, Jamaica has focused on fiscal consolidation and debt reduction. The scale and speed of our economic turnaround have no parallel among developing nations. The fact that Spain’s Palladium Hotel Group is investing at this level is a strong endorsement of Jamaica’s stability and potential,” Holness said.

Spain’s Continued Investment in Jamaica’s Tourism Industry

The Palladium Hotel Group has been a key player in Jamaica’s thriving tourism industry, and this expansion further solidifies Spain’s deep-rooted investment in the island. Holness extended gratitude to the Spanish government and investors, highlighting Spain’s €2 billion portfolio in Jamaica’s tourism sector.

The expansion will not only increase Jamaica’s hotel capacity but also contribute significantly to local job creation and economic linkages. Minister of Tourism Hon. Edmund Bartlett emphasized that every major tourism investment must now include housing and integration with the local economy, ensuring that Jamaicans benefit directly from the sector’s growth.

The expansion will introduce a state-of-the-art convention center capable of hosting over 1,000 guests, positioning Jamaica as a top destination for business and leisure tourism. Additionally, the development will feature:

Sustainable and energy-efficient building designs
Educational initiatives and skill development programs for local residents
Enhanced tourism experiences with a focus on high-end hospitality

President of the Palladium Hotel Group, Abel Matutes Prats, expressed excitement about the project and its potential impact on Jamaica’s economy and global tourism appeal. As Jamaica continues to attract multi-billion-dollar investments in tourism, this historic expansion by a leading Spanish hotel group reaffirms the island’s growing prominence in the global travel industry.

Trinidad And Tobago Secures $1.08B In Energy Investments

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News Americas, New York, NY, February 24, 2025: Trinidad and Tobago’s energy sector is set to receive a major boost, with an estimated US$1.08 billion in capital expenditure from contracts awarded in the country’s most recent upstream licensing rounds.

T&T Energy Minister Stuart Young, speaking at a local industry event, emphasized that this significant investment is expected to drive a surge in domestic upstream activity over the next five years.

Shallow Water and Onshore Investments to Strengthen Energy Sector

The bulk of the funding—more than US$1 billion—will come from the shallow water licensing round, with first gas production expected between 2029 and 2036, according to Minister Young.

Production sharing contracts (PSCs) for these offshore blocks were awarded to:
EOG Resources Trinidad – Blocks NCMA 4(a) and Lower Reverse L
BP Exploration Operating – Block NCMA2
BG International – Block U(c)

Meanwhile, an additional US$84.3 million will be invested in onshore developments, with contracts awarded for the Aripero, Buenos Ayres, Charuma, Cipero, and St. Mary’s blocks.

Expanding Opportunities: Deepwater Licensing and Venezuela Collaboration

To further expand energy production, the Trinidad and Tobago government has launched a new bidding round for 26 deepwater blocks as part of its ongoing efforts to attract foreign investment.

Additionally, Minister Young highlighted progress on cross-border projects with the Nicolas Maduro government in Venezuela, particularly the Dragon and Manakin-Cocuina fields.

“Work is currently in progress to achieve a final investment decision for the Dragon gas project, with first gas targeted for 2027. Meanwhile, seismic data review for Manakin-Cocuina is expected to be completed by the third quarter of this year,” Young stated.

Prime Minister Dr. Keith Rowley reaffirmed the government’s commitment to advancing these projects in partnership with Venezuela and key energy stakeholders, emphasizing their importance for regional energy security.

Trinidad and Tobago’s Energy Future

With over $1 billion in new energy investments, deep water exploration opportunities, and cross-border collaborations with controversial Venezuela, Trinidad and Tobago is positioning itself for a new era of energy sector growth. These developments will not only boost domestic production but also reinforce the country’s role as a key energy supplier in the Caribbean and beyond.