IDC CEO Glenny Savy has announced that construction of a luxury hotel on Platte Island will commence in 2018. Feasibility study and environmental impact assessments have been done, and the project is expected to start once the planning authority gives its approval. The new hotel will have 50 to 60 rooms at a cost of around $70 to $75 million. The project will be carried out by a member of the Four Seasons hotel group with 80% of shares, with IDC holding the remaining 20%. The airstrip will be resurfaced as a part of the project. The land will be leased to the developer for 60 years and, at the end of that period, all infrastructure will revert to IDC.
“For those 60 years, they will pay rental for the leased land. We will sell them our services, such as flights and boat transport to carry fuel, equipment and merchandise to the island for which we get paid,” Mr Savy said.