A Government of Belize press release this week announced that Cabinet has endorsed a proposal for the establishment of an upscale tourist resort at Punta Azul on North Ambergris Caye. Based on interim reports of a feasibility study completed on the project, the developers and hotel management companies have indicated they are prepared to proceed with the development this year.
This project, which will have public sector participation to stimulate private sector investment, will involve the construction of two separate hotel properties with a total capacity of 500 rooms. The proposal includes a 300-room convention hotel and a luxury boutique hotel. Unconfirmed reports are that Hyatt and Rosewood are the companies interested at this point. Equity funding will be provided by the developers, Rochamel Development Company Limited, hotel and leisure management companies and the Government of Belize.