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The Chaguaramas Hotel and Convention Center has NOT been sold
7. In 2009, the CDA at that time applied to the then Cabinet for TT $49
million dollars to refurbish and repair the Chaguaramas Hotel and
Convention Center. Only TT $1.0 million dollars was provided, far
short of the urgent requirement.
8. After an exhaustive search and stringent process, an investor who is
solely responsible for refurbishing and upgrading the property and
preserving its architectural history qualified for a 30 year lease in the
amount of TT $ 30 million dollars.
Critical to this discussion is the fact that The Chaguaramas
Development Authority Act states that the principal function of the CDA
is to secure the undertaking of, the laying out and development of
the North-West Peninsula. Part of our development mandate
involves the management of land and property assets and the leasing
of land as guided by section 14 (4) of the CDA Act.
Notwithstanding the provisions of this section but subject to
section 16 nothing in this Act shall be construed so as to permit or
empower the Authority with respect to any land in the North West
Peninsula (the subject matter of a Vesting Order) to alienate the
freehold or grant leases for a term of more than thirty years with an
option for a further term not exceeding thirty years, except with the
consent of the President.
In light of the above, two things are clear:
1. Land in the Chaguaramas region cannot be sold.
2. The CDA has the authority to lease lands for a period of thirty
years.
2
The CDA currently owns and operates the Chaguaramas Hotel and
Convention Centre (CHACC) which is located on the Peninsula. In 1999,
the CDA conducted refurbishment works on the building, however to
date, the overall condition of the property has significantly
deteriorated.
The Chaguaramas Convention Center is a dilapidated facility in dire
need of repairs. In 2009, the CDA applied to the previous Cabinet for
some TT $49 million for the refurbishment and upgrade of the CHACC.
TT $1 million dollars of government funding was allocated in response.
This fell far short of the required financial input. In the meantime, the
CHACC continued to be a drain on the coffers of the CDA. The current
short term tenancy masks the true financial position of the hotel, which
has an increasing annual deficit of TT $ 0.4 million. According to an
independent assessment undertaken by the CDA, during the period
2012 to 2014, a significant portion of the facility, particularly the
unutilized section of the building is in dire need of repairs. The property
is unsafe and unfit for tenancy.
In the past, several attempts were made by the CDA to operate and/or
secure private investors for the development of the hotel. From 2002
to present, there have been a number of short term tenants, however,
as articulated in the CDA Act on the management of its assets, the
overall objectives of a self sustainable viable operating model for the
hotel, has never been achieved.
Kizzie Ruiz
Communication Manager