Dr Denzil Douglas, the prime minister of St Kitts & Nevis, has signed an agreement in Dubai with Range Developments, an affiliate of Hyatt Hotels Corporation and Kiawah Partners, to build and operate a 200-room ultra-luxury Park Hyatt hotel at Christophe Harbour.
The project will be financed under the St Kitts-Nevis Citizenship by Investment Programme through the sale of individual investment shares for US$400,000.
Park Hyatt St Kitts will also include 50 branded residential condominiums that will be constructed in three phases to include multiple dining venues, private-beach access, pool, spa and meeting facilities.
Ownership of an investment share in the hotel project grants investors the right to become eligible for citizenship of St Kitts- Nevis that, according to a statement issued here, allows them visa-free travel access to 139 countries, including United Kingdom, Schengen European countries, and most British Commonwealth member countries.
"We are extremely pleased to welcome the prestigious Park Hyatt brand and Range Developments to the island of St Kitts. This project will further advance our government's economic transformation of St Kitts following the closure of the sugar industry in 2005," said Prime Minister Douglas, who is leading an investment mission to the United Arab Emirates.
"When completed, I am sure that guests of Park Hyatt St Kitts will find the very best in amenities and the highest standards in service, support facilities and island activities."
Senior vice-president, Hyatt Hotels & Resorts, Pat McCudden, said the hotel will "continue our company's tradition of delivering an unprecedented level of luxury and unrivalled hospitality experience.
"Park Hyatt St Kitts will be designed to provide an intimate, contemporary resort environment, with touches of the local culture - a perfect sanctuary for our discerning guests."
Munaf Ali, chief executive officer, Range Developments, said his company was pleased to launch a major development project on St Kitts where investors are offered a unique opportunity of citizenship through investment.
"St Kitts is one of the most tranquil locations in the Caribbean and investing in the Park Hyatt hotel project will entitle you and your family to apply for citizenship of St Kitts-Nevis.
"This opportunity provides second citizenship to eligible individuals in 90 days and opens visa-free travel to more than 139 countries across the world."
Established in 1984, the St Kitts-Nevis Citizenship by Investment Programme is the oldest economic citizenship programme of its kind.
Individuals may become eligible for citizenship of the twin island Federation by making a qualifying investment in the country.
The programme allows dual citizenship and is strictly governed by state laws and regulations.