April 2, 2015 | 4:29 pm |  Grace Bay Beach pictured above

The Turks and Caicos Islands government has signed a development agreement with Desarrollos Hotel Group to build a $224 million hotel, resort, casino and spa project in the British Overseas Territory, Caribbean Journal has learned.

The project, which would be located in the Grace Bay area of the island of Providenciales, would include 124 hotel rooms, penthouses, resort residences and associated facilities, according to the government.

Ritz-Carlton Hotels Company will manage the property.

“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 Turks and Caicos 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.”

Desarrollos has been developing a number of hotels in the Caribbean region in the last few years, most notably the Ritz-Carlton Aruba.

It owns four Marriott hotels in the region, including the aforementioned Aruba property.

The government said construction work was anticipated to begin in November 2015 and would last “approximately three years.”

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By Alexander Britell – The Caribbean Journal