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Mike Singh, CEO- Ministry of Trade
"That investment will be very large. It will be a significant inflow of foreign capital. Caye Chapel has been in receivership for the past 4-5 years with the Belize Bank. Mr. Larry Addington who was the owner had borrowed money from the Belize Bank, he didn't repay, so the bank took it on in exchange for the debt. The bank did a sort of a swap on their balance sheet where they actually acquired the asset. It caused a little of a problem because it's a non performing asset as they say in the banking world. So, it was not part of their liquid assets. So the need to sell that by the bank was fairly important. So the owners of El Secreto, a part of the investment group and they have brought in some additional Mexican investors that are very large in developments in Acapulco, Mexico City and Cancun. So the potential for this group is very high."

Reporter
"Obviously its a multi-million dollar investment and the investor has not been identified."

Mike Singh, CEO- Ministry of Trade
"I don't understand why that would be much of a concern. I think I just indicated who we know as the investor group which is the principals of the owner of an existing investment in Belize that's dong very well. It's based on a partnership that is entirely their own private affair. Of course Central Bank had to do a background check on the principals of the company. But if the company chooses not to make a formal announcement, I think it's entirely up to them. I think it's a good thing. It's going to bring certainly a legitimate world class brand into Belize. I think it's going to speak very well for tourism product. I think it's going to create significant jobs to be able to support a project of that magnitude that close to Belize City, means that you are going to bring employees either from Belize City or nearby communities. So, overall, we think it's positive."

Jules Vasquez
"Now you've mentioned Four Seasons. Is that the luxury brand in question or?"

Mike Singh, CEO- Ministry of Trade
"I do know that's who they are in discussions with. Whether or not they will sign with Four Seasons, that is something that they will have to decide. But I do know they are in discussions with Four Seasons."

Jules Vasquez
"But if not Four Seasons?"

Mike Singh, CEO- Ministry of Trade
"It would be one of the similar brands. There are many of them out there. You got the Ritz Carlton... but it will be one of the 5 star brands."

Jules Vasquez
"How important is that for Belize's profile as a overnight destination?"

Mike Singh, CEO- Ministry of Trade
"It's huge for us. We've challenge to be able to bring in the type of brands that put us on the map and if you think about the marketing program that these brands have, it actually adds to what the BTB already spends. So the halo effect of their kind of marketing will help all our properties."

Reporter
"Do you anticipate any significant challenges from the environmental community?"

Mike Singh, CEO- Ministry of Trade
"On this project, I can't speak for the community. But I think Caye Chapel has gone through that already - the island itself. I think several years ago when they were doing the major expansion - they have done that. I don't see that the development needed for this island is going to need that much change to the actual ecosystem, so perhaps not. But I can't speak for that. It would be up to them to decide if they see an issue with it or not."

Our information says that the Mexican group paid 23 million US, not Belize dollars as we had reported two nights ago. That is still cheaper than the 45 million US asking price we had seen posted variously on the internet.