Bau Panel Systems Ltd has announced plans to build a 100 room luxury hotel at the Cedar Valley Golf Club as the government revealed some details of its EC $10 million sale of shares in the facility to the British firm.
The sale represents 90 per cent of the government’s 75 per cent holding or 67.5 per cent of total shares.
“We will see that golf course transformed by the private sector and that will bring benefits ultimately to Antigua & Barbuda and improve the quality of our tourism product,” said Finance Minister Harold Lovell. “It’s a very fair price in terms of others that have come to the table and what they have offered… it’s a fair market value. The payments will be made in various stages and we think it’s something that can stand the test of scrutiny.”
Bau Panel said it plans major investment to bring the course to European Tour championship standards.
In a statement, the British firm said it will expand, redesign, and upgrade the golf course to attract players from all over the globe. The golf course will be extended and irrigation put in for all fairways, it said, and will be used to host high profile competitions. Bau Panel said local contractors will be used in the transformation in which a new clubhouse, bar and restaurant will be built along with a 100-room luxury Cedar Valley Hotel and Conference center.
The company said it will ensure a top golf professional is resident to run an academy and develop the skills of young players. The firm said it will also fund the development of underprivileged children to learn the game, and the formation of a Cedar Valley Youth Golf Team.
(More in today’s Daily Observer)