Turks and Caicos Islands Government Signs $224M Ritz Carlton Agreement

Providenciales, 07 Apr 2015 – The Turks and Caicos Islands (TCI) Government has signed a Development Agreement with the Desarrollos Hotel Group to build a $224 million dollar Ritz Carlton hotel, resort, casino & spa in the Grace Bay area of Providenciales, April 2, 2015.

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 L.L.C., 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.

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