Gov’t to build resort in Buccoo, Tobago; sell/lease Magdalena Grand

Finance Minister Colm Imbert said government has plans to divest the state-owned Magdalena Grand Beach and Gold Resort and put it up for sale or lease, and to develop an “internationally branded resort hotel” on the Buccoo Estate in Tobago.

Speaking during the 2025 national budget presentation on Monday, Imbert said government has planned special projects to invite foreign and local investment in the country’s tourism sector.

The first project involves the divestment of the Magdalena Hotel, with the property being put up for sale or lease.

Additionally, Imbert said government intends to invite proposals for a “new five-star internationally branded resport on the government-owned Buccoo Estate in Tobago”.

“This project is expected to be on the scale of the previously proposed Sandals Hotel and if successful, will bring tremendous economic benefits to the people of Tobago,” he said.

Additionally, Imbert said government intends to issue a request for proposals to develop a yachting marina in Lowlands in Tobago.

He said the private-public partnership will consist of docking and storage facilities for pleasure crafts as well as refuelling, washing and repair facilities.

Government purchased the Buccoo Estate in 2017 for $174 million – in 2018, government said international hotel chain Sandals would be building a resort on the estate, however, following public objections due to environmental concerns, the project was quashed.

Environmentalists have also expressed concern over plans for a resort to be built at Rocky Point, Tobago – Prime Minister Dr Keith Rowley said he would “move heaven and earth” in order for the project to be completed.