From TC Weekly News

ON THURSDAY (April 2), the long awaited signing of the development agreement for the luxury hotel brand Ritz Carlton was finally inked by the Government and the Desarrollos Hotel Group.

Desarrollos has committed to build a $224 million Ritz Carlton hotel, resort, casino and spa in the Grace Bay area of Providenciales, with construction set to start this November and lasting for about three years.

The Government press office announced that the proposed development will consist of 124 luxury hotel guest rooms, penthouses, resort residences and associated facilities.

Premier Rufus Ewing, Deputy Governor Anya Williams and Walter Stipa, president and CEO of Desarrollos Hotel Group, signed the agreement at the Hilly Ewing building in Providenciales.

The Premier stated: “This European plan style hotel development provides a welcome diversification to the TCI tourism sector as it is more of a traditional hotel, rather than the previously prevalent condominium model in the TCI.

“At the same time, it further develops the luxury tourism offering in this destination with the addition of such an important luxury brand in Ritz Carlton.”

Minister of Finance, Washington Misick who was also on hand for the signing commented:

“This is a welcome boost for the people and businesses of the TCI, especially in our construction sector.”

He added that the announcement clearly consolidates the TCI’s position as one of the fastest growing, and strongest economies in the Caribbean.

“The financial stability of the TCI clearly provides the right environment for international investors to come here and grow their businesses.”

The new resort will be managed by the Ritz Carlton Hotels Company LLC, an international luxury hotel brand operating 84 hotels and resorts in 26 countries.

The Desarrollos Hotel Group has already developed and owns four Marriott Hotels, of which one is the Ritz Carlton Aruba Resort, Casino and Spa.

The Ritz Carlton replaces the previously announced JW Marriott as operators of the new resort.

In 2001 developers Logwood Development Company began to create the luxury Ritz Carlton Molasses Reef hotel and condominiums on the island of West Caicos six miles south west of Providenciales.

The project was designed in 2003 and development on the nine square mile island began to take place in 2006.

But the credit crisis and the collapse of main creditor to the project, US investment bank Lehman Brothers, caused the 70 percent complete development to come to a standstill in 2008.

The developers and the administrator of the original creditor later sold the entire site to a group of European investors.

It included about 30 unfinished condos, originally marketed from $2.5 million to $5.5 million, lining a stunning stretch of beach.

Apex Development Ltd, a real estate development manager based in Providenciales, was appointed to continue the project in 2013.

The company became responsible for the resort development, island infrastructure and utilities, but was no longer working with Ritz-Carlton.

In the Caribbean, Ritz Carlton has hotels in the Grand Cayman in the Cayman Islands, San Juan in Puerto Rico, and St Thomas in the US Virgin Islands.

IMAGE: Left to right seated: Acting Governor Anya Williams, Walter Stipa, president and CEO of Desarrollos Hotel Group, and Premier Rufus Ewing
Mon, Apr 06, 2015

For more on this story go to: http://tcweeklynews.com/government-signs-m-ritz-carlton-agreement-p6036-149.htm