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TCI Govt signs $224M Ritz Carlton agreement

Published:Wednesday | April 8, 2015 | 12:00 AM
Seated from left: Acting governor, Turks and Caicos Islands (TCI), Anya Williams; Walter Stipa, president and CEO of Desarrollos Hotel Group; Dr Rufus Ewing, premier, TCI. Back row from left: Walter Gardiner Jr., director and broker, Regency Christies International & Real Estate; Khalila Astwood, TCIG attorney; Guillermo Martis, development consultant for Desarrollos Group; Rochelle Thompson, investment executive, TCIG Investment Unit and Washington Misick, minister of finance and investment.

The Turks and Caicos Islands (TCI) government has signed a development agreement with the Desarrollos Hotel Group to build a $224 million Ritz-Carlton hotel, resort, casino and spa in the Grace Bay area of Providenciales on April 2. The proposed development will consist of 124 luxury hotel guest rooms, penthouses, resort residences and associated facilities. 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.

"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," said TCI premier, Dr Rufus Ewing.

"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."

"This is a welcome boost for the people and businesses of the TCI, especially in our construction sector," added minister of finance, Washington Misick.

"This announcement clearly consolidates our 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 Desarrollos Hotel Group has already developed and owns four

Marriott Hotels, of which one is the

Ritz-Carlton Aruba Resort, Casino & Spa. It is anticipated that construction work will begin in November 2015 and last for approximately three years.