Anyone looking to acquire Gems of Barbados properties for a pittance can put that plan on the back-burner.
This point comes with Prime Minister David Thompson making it clear that under his watch no such deals will be brokered.
Thompson made this assertion last week at the official opening at one of the country’s largest condominium developments on the south coast of Barbados, Sapphire Beach Condominiums.
The announcement came just 24-hours after he suggested on a televised Press Conference, that Government is considering selling some of its assets during the current economic downturn.
Prime Minister Thompson stated, “There will be no more “Eastry House give-aways.” For those waiting in the wings to purchase property owned by Gems of Barbados for a pittance, my answer is clear and straightforward. You can Forget it.”
Sapphire Beach Condominiums, is a $50 million joint venture between Government’s Hotel and Resorts Ltd (HRL) also known as Gems of Barbados”, Consumers’ Guarantee Insurance (CGI) and Jada Development. 
According to the Prime Minister the stated mission of Gems when it was established in 1995, was to acquire hotels located primarily on the South Coast of Barbados that were indebted to the Barbados Development Bank, and to bring them up the high standards of comfort and service enjoyed at the best hotels on the West Coast.
With a strategy to earmark 15 hotels and reach a target of 500 rooms that would enable HRL to benefit from economies of scale and then systematically sell off the shares owned by the Government of Barbados.
The Prime Minister pointed out that HRL never made a profit and that by 2005, 10 years after HRL (Gems) was established, 7 hotels owned by HRL has been reduced to 3, together with other real estate assets.
He argued that HRL never made a profit. The Prime Minister also believes that the strategy which was employed was not the best for the development of South Coast Tourism. But he noted that it was a catalyst for changing the face of tourism along the South Coast.
