Prime Minister Dr Andrew Holness on Monday (August 11) broke ground for the US$700-million Moon Palace The Grand Montego Bay, in Success, St. James.

The luxury resort, being developed by Palace Resorts, is set to redefine hospitality in the Caribbean and will generate 3,000 jobs upon completion.

The Grand will feature 1,200 luxury suites, including overwater bungalows, more than 13 specialty restaurants, a unique water park, the largest spa in the country, and a variety of high-end entertainment options.

It will blend world-class amenities with authentic Jamaican culture and heritage, positioning Montego Bay and Jamaica, by extension, as an even more competitive destination in the global tourism market.

In his address, Holness noted that Jamaica has become an attractive destination for both foreign and local investors who have taken the risk, having recognised the potential for positive outcomes.

He said that Moon Palace’s decision to expand its investment from an initial US$250 million in Moon Palace Jamaica in Ocho Rios a decade ago to nearly US$700 million today, reflects confidence in Jamaica’s stability and growth potential.

“That is what we want to see but more so, we want to see more Jamaicans seeing the opportunity in their country and taking the risk in investing in the country. That is how growth happens, when investors, whether they are local or international, take the risk on the country,” Holness explained.

“It’s not just growth in the number of visitors; it is growth in the value of tourism. The value of tourism has doubled in the last 10 years, so you would have seen that Jamaica is a country to take risks on, and it is a country that will give significant returns,” he added.

Holness credited the strategic actions of the Government for creating a stable environment that enables such substantial investments to flourish.

The Government also ensures that the benefits extend beyond the investors, the prime minister argued.

“So, for example, we have said that if we are going to be fostering the development of any hotel, that development must include housing,” he outlined further.

For his part, Tourism Minister Edmund Bartlett pointed to the importance of inclusive tourism that actively benefits local communities.

With the addition of Moon Palace The Grand Montego Bay, Bartlett said that there are plans for supportive initiatives, such as building a tourism innovation township, expanding schools, creating health facilities, and establishing a community centre to benefit surrounding communities.

“That concept is part of the pivot that [the Government] has to ensure happen in tourism. That tourism must not just be an economic activity that becomes extractive, but that tourism must become inclusive and must be embracing the communities that are around,” Bartlett underscored.

Meanwhile, Palace Resorts CEO Gibran Chapur said the project represents an investment in Jamaica’s future, its people, and its tourism industry.

He pledged support towards developing a “new town” in Montego Bay by upgrading the surrounding schools and parks, enhancing public beaches, and providing daycare facilities to help working mothers.

Additionally, Chapur indicated that Palace Resorts is committed to sustainable development and intends to implement eco-friendly building practices and energy-efficient systems.

“We want to create local opportunities for the people of Jamaica, so that they can find right here in their home country a job where they can develop professionally, while enjoying a good standard of living without having to leave the country for better opportunities elsewhere,” Chapur said.