Former Prime Minister Dr. Ralph Gonsalves has launched a stinging critique against the administration’s management of state assets, accusing the government of participating in “fire sales” and selling off national patrimony for “trapping money”. Speaking on Star Radio, Gonsalves highlighted several controversial transactions, including the sale of beachfront land at Chatham Bay, the proposed sale of the Holiday Inn Express hotel, and the terms of the 30-year cruise port lease with Global Ports Holding.
Gonsalves expressed strong outrage over the government’s sale of 100 acres of beachfront property at Chatham Bay in Union Island. He noted that his previous administration fought extensively to bring the land back into state ownership. According to Gonsalves, the property was independently valued at $110 million EC ($40+ million US) over 15 years ago.
With subsequent infrastructure improvements on Union Island, Gonsalves estimated the land’s current market value at $55 million to $60 million US. However, the administration sold the 100-acre site for $20 million EC—roughly one-third of its true market value. Gonsalves further revealed that no official valuation was obtained from the Chief Surveyor’s Office, as required by law for state land sales. He stated that he had previously refused to sell the 100 acres to the buyer when they declined to include an ecotourism hotel component.
Addressing reports that the government intends to sell the newly constructed Holiday Inn Express in Diamond for $35 million US, Gonsalves cautioned that the administration is operating out of financial desperation and will likely accept a far lower price in a “fire sale”.
He detailed that the hotel was constructed using $29 million EC in soft loans and a $1.87 million EC grant from the CARICOM Development Fund (CDF), with total project costs amounting to roughly $86.9 million EC ($32 million+ US) when including land and civil works. Gonsalves warned that using sale proceeds for recurrent government spending, such as paying salaries, breaks an informal undertaking with the CDF to reinvest funds into building additional state-owned hotel capacity.
Gonsalves also warned that replacing the Holiday Inn Express brand with Best Western would sever St. Vincent’s relationship with InterContinental Hotels Group (IHG), potentially incurring contractual penalties and downgrading the country’s hotel brand standing.
Gonsalves also challenged government assertions surrounding the 30-year cruise port agreement with Global Ports Holding (GPH). He accused ministers of trying to “bamboozle” the public by claiming GPH will invest $255 million EC.
Citing statements from GPH Chief Executive Mehmet Kutman, Gonsalves clarified that actual capital investment is between $25 million and $30 million US ($67 million to $80 million EC) phased over time, with the first phase limited to basic maintenance and refurbishing of the existing cruise ship pier. The remaining figure represents ongoing operational and recurrent expenses rather than new capital development.
Gonsalves criticized the government’s lack of transparency, noting that key contract details—including tax concessions, head tax splits, the identity of local private sector partners holding a 30% stake, and statutory public consultations—have not been disclosed to the public or presented in Parliament
