PORT OF SPAIN, Trinidad (CMC) – The Trinidad and Tobago government says the construction of the 750 room Sandals and Beaches Resort represents a major turning-point for the economy of Tobago.

Finance Minister Colm Imbert, delivering the TT$51.7 billion national budget to Parliament on Monday, said that the hotel will be owned by Trinidad and Tobago and equity partners and is in keeping with the objectives of the newly established Tobago Tourism Agency that is already developing and marketing the Tobago tourism product as a leisure-based location.

“Within this framework, the Sandals Golden Grove Tobago Project represents a major turning-point for the economy of Tobago. The Sandals and Beaches Resort will be built at Buccoo/ Golden Grove,” Imbert said, adding that it will be managed and operated by Sandals Resorts International.

He said the resort will have approximately 500-750 rooms and up to 2,000 permanent employees with significant linkages to the local economy.

“The economic impact of Sandals will be substantial, including estimated income to the Government of US$80 million per year in taxes and other payments. The project will add significant value to the tourism industry as we continue our drive towards sustainable economic development and diversification away from oil and gas,” Imbert told legislators.

Debate on the budget begins on Friday.