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Latest News from Antigua and Barbuda

ANTIGUA AND BARBUDA ANNOUNCES NEW DEVELOPMENTS
WORTH AN ESTIMATED $1.4 BILLION

ANTIGUA, West Indies (August 31, 2006)— The Antigua and Barbuda Ministry of Tourism announced today a boom in development with 40 tourism-related new construction and renovation projects totaling nearly $1.4 billion to be completed in the next five years. The development is part of the Ministry of Tourism’s overall strategic plan to expand and strengthen the destination experience for guests. A combination of new hotels, restaurants, residential properties and sports facilities will ensure visitors have a comprehensive selection of authentic Caribbean accommodations and experiences available to suit every budget and taste.

“ This is an exciting time for Antigua and Barbuda,” Harold E. Lovell, Minister of Tourism said. “Our country’s economy relies on tourism and these developments will allow us to strengthen our product and enhance the experience for our visitors. Each project is an indication of our partners’ and investors’ confidence in the current and future Antigua and Barbuda tourism product.”

Recognizing the need to support the new developments, the Ministry of Tourism is also working to ensure a strong infrastructure is in place. For example, efforts are currently underway to improve and expand the road system.

New and Upgraded Hotels
Completion of the following new hotel construction, expansion and renovations is expected by end-of-year 2006, unless otherwise noted.
§ Sandals Grande Antigua Resort & Spa is undergoing a $70 million expansion, with the development of a 180-suite Mediterranean Village including 11 one-bedroom suites with plunge pools. The expansion also includes construction four new restaurants for a total of nine. Anticipated completion is mid-December 2006, and opened for guests in February, 2007.
- The destination will soon welcome the first domestic American chain with the construction of the Best Western Dickenson Bay Palace Resort, a $35 million investment to be completed in two phases. The first phase is expected to be a four-star all-inclusive resort with 100 rooms.
- With an estimated cost of $28 million, The Verandah, a new Elite Island Resort property, is currently under construction and will include 150 rooms when completed.
- The well-established Blue Waters resort is undergoing a two-phase upgrade worth approximately $13.2 million. Phase one of the upgrades has been completed with phase two expected to be finished by spring 2007.
- Work will soon start on Barbuda’s fourth property, an exclusive $8.7 million luxury resort consisting of 40 wooden bungalow suites, in the area of Pelican Bay. This project is a joint venture between the Government of Antigua and Barbuda and the Market Positioning Group (MPG) of Miami, Florida.

Some additional new hotels and expanded properties include:
- Galley Bay Hotel – an additional 32-rooms (estimated investment of $11 million).
- Hermitage Bay Hotel – a new luxury hotel, developed in two phases, with 50 suites expected by the end of the second phase.
- Tradewinds Hotel – The hotel is making a $4.62 million investment to upgrade its inventory and add 30 rooms.
- Harmony Hall – The complex is constructing 25 new villa units at a cost of $4.5 million.
- Yepton Estate Cottages – Ten cottages are being added at a cost of $815,000. The additions are being made in two phases. Anticipated completion: The first phase - four of the 10 cottages- has been completed and is accepting guests.

Residential Development
Completion of the following residential developments is expected by end-of-year 2006, unless otherwise noted.
§ Non-Such Development is constructing a new residential property with villas, apartments and townhouses. Fifty-four apartment units were recently finished out of a total of 116 units which carry an estimated cost of $82 million.
§ Meanwhile, Hodges Bay Club is investing $40 million on a complete overhaul of the property including demolition of older facilities and construction of 81 new townhouses and apartments. Anticipated completion: March 2007.
§ Mongoose Development is spending $35 million on the construction of a 68-room hotel and 49 three- and four-bedroom private homes. Anticipated completion of all phases of the project: 2011.

Resort Communities
- In a joint venture with the government of Antigua and Barbuda, BAP Development of Miami, Fla. is planning to invest $70 million on the construction of a 200-room condominium hotel. The resort complex will be comprised of unique two- and three-story villas and bungalows and will occupy 10 beachfront acres. Construction begins in 2007 and is expected to be completed by 2009.
- Emerald Cove Development is spending $61.8 million on a new, five-star hotel and condominium project. The luxury hotel will feature 299 rooms. Anticipated completion: March 2007.
- At a cost of $76 million, Pelican Island Resort is a new resort community which will break ground in summer 2006 and will feature 150 rooms (hotel and residential).
- The Antigua Seascape Resort is a three-phased residential/resort project to be built on the Hatton Bay peninsula. All phases include a condominium hotel and resort villas, with phase three having a marina. The resort, which will have a total of 652 units and will be Antigua’s largest resort to date, constructed at an estimated cost of $325 million. Anticipated completion date is 2010 with phase one ready in 2007.

Sports Facilities
- The Sir Vivian Richards Stadium is on target to open in time to host the 2007 International Cricket Council (ICC) Cricket World Cup matches in Antigua. The stadium will have a seating capacity of 10,000 and an additional 10,000 seats will be arranged to accommodate 20,000 guests expected during World Cup. Estimated cost is $54 million.
- Valley Creek Hotel & Fitness Centre is a 10-bedroom hotel and fitness center, conference facility and restaurant.

Journey into the heart of the Caribbean and discover the sister islands of Antigua and Barbuda, where translucent turquoise waters gently lapping against 365 white and pink sand beaches are just the beginning of the treasures that await visitors. As one of the world’s top tropical destinations, accommodations range from trendy, boutique hotels to all-inclusive resorts, and are complimented by a rich cultural heritage and diverse recreational activities that ensure an authentic Caribbean experience.

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Media Contact:

Marie Kephart
(407) 838-1827
Marie.Kephart@ypbr.com

Heather Keroes
(407) 838-1704
Heather.Keroes@ypbr.com

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