Prime Minister, Portia Simpson-Miller, says the National Insurance Fund, N-I-F, has shown significant growth over the last 27 years, moving from one point $5 billion, to its current position of $77 billion.

She says, the strong growth in the fund has allowed the government to increase benefits to the over 111 pensioners, time and again.

Mrs Simpson-Miller reflected that while she was minister of Labour and Social Security in 1989, she was prompted to act, after realizing the inert state of the N-I-F.

She recounted, that she then established the Investment Secretariat and appointed a National Insurance Board, as an advisory body to the N-I-F.

The fund she added, ventured on a robust investment programme which has resulted in investments in tourism, real estate, manufacturing, financial services, and major infrastructure projects.

The hotel underwent a major renovation costing some $23 US million.

The scope of the work involved the renovation of the 226 guest rooms, public amenities, as well as the physical structure.

The N-I-F, which owns the property – has entered into an agreement with Melia Hotels International to manage the hotel for the next 15 years.