LOCAL NEWS

 

 

SIXTY-FIVE MILLION DOLLAR PROJECT UNDERWAY

Following an extended halt to his Grenadian investments, thanks to the global economic downturn, Peter DeSavary rides again.

The flamboyant investor announced on Monday that work has already begun on the next phase of his operations here through a partnership with local builder, Anslem LaTouche of Creative Designs, which will see a number of villas being built on the old Islander Hotel promontory. Work on the first property, an upscaled, 5,000 square foot villa is carded to begin within two weeks, although clearing of the land is already underway.

DeSavary also announced his plans to rebuild the Islander Hotel as part of a sixty five million dollar project catering to an upmarket clientele. He was quite adamant about avoiding mass tourism which, he felt, was harmful to the environment.

Asked why the decision to proceed at this time, despite the World Bank's prediction of another deep recession, 68-year old DeSavary explained that he refuses to sit back and play the waiting game. He believes that the world could, in fact, be headed for a depression and that it would be another ten to fifteen years before "we return to the good old years."

DeSavary also believes that if, in due course, Grenada handles its oil and gas opportunity appropriately, it could turn Grenada into the Abu Dhabi of the Caribbean.

He spends about half of the year here and made it clear that he is in Grenada for the long haul. His overall plans call for a billion dollars in investment over the next ten to fifteen years.

MONDAY'S MEDIA CONFERENCE

Introduction (00Hr:15Min:31Sec)

Questions and Answers (00Hr:32Min:22Sec)