Small Hotel And Restaurant Modernization Fund (SHARM)
|Date Approved||July 1, 2013|
|Amount Funded||EC $8,064,600.00|
The St. Kitts and Nevis Sugar Industry Diversification Foundation (SIDF) remains committed to the transformation of the Federation’s economy from a sugar-based to a services economy. In its goal to promote and support the tourism and hospitality industry, the SIDF has invested significantly in small hotel development.
Since September 2008 development in the small hotels and restaurants sub-sector has been constrained by low global demand, economic contraction, and a decline in commercial bank credit. Those developments have adversely affected the operations of many of the small and mid-sized properties.
The SIDF has allocated loan funding in the sum of EC$8,064,600.00 to the St. Kitts and Nevis Hotel and Tourism Association (HTA) for the purpose of refurbishing and modernizing their small hotel and restaurant properties. The funds have been placed at the St Kitts and Nevis Development Bank.Small hotels with under 100 rooms such as Sugar Bay Club, Timothy Beach Resort, Frigate Bay Resort, Ottleys Plantation, Ocean Terrace Inn, Rawlins Plantation/Caines Estates can benefit from the SIDF’s Small Hotel and Restaurant Modernization Fund.
The competitiveness of small hotel properties in small destinations like St Kitts and Nevis depends to a large extent on their attractiveness which demands capacity building, high quality service and appealing physical plants. The objective is to provide accomodation so that tourists can feel at home away from home.
Economic and Social Benefits
- Contributes to rebranding of small and mid-sized properties
- Generates foreign exchange
- Creates employment