Turks and Caicos Signs Deal for $224 Million Ritz-Carlton Hotel Project

Grace Bay Beachfront

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 BritellThe Caribbean Journal

 

The Shore Club Newsletter – Long Bay, Turks & Caicos Islands

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Link to The Shore Club Newsletter

Turks & Caicos News – Sailrock Construction Update

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March 18, 2015

Today marks the one year anniversary of The Villas At Great House Groundbreaking Ceremony and we are pleased to present the following construction update.   Click on the picture or this link Sailrock Update to view our six page report.
Turks & Caicos Sotheby’s International Realty

Turks & Caicos Celebrates with Everyman 20th Anniversary Concerts

Everyman Concert Flyer

Save the date and join the party with Joe Zahm Band as Everyman reunites for an Anniversary Concert at Blue Haven Resort!!

March 27th and 28th – tickets available at Fottac, Wine Cellar, Blue Haven Resort and Turks & Caicos Sotheby’s International Realty office in Grace Bay.

You don’t want to miss this Turks & Caicos party!!

Link to Information Flyer

Sotheby’s International Realty Significant Sales for December 2014

Turks and Caicos

March 2, 2015

Turks & Caicos Sotheby’s International Realty makes the top significant sale for Sotheby’s International Realty brand posting a $23M sale of a North West Point parcel in December 2014.  This significant sale was also celebrated as one of the top sales for the for the entire year.  Links to both sales lists below.

Link to Dec 2014 Significant Sales

Link to Best of 2014 Significant Sales

 

House Hunters International Discovers Salt Cay

HouseHuntersMar2015

Tune in to HGTV as House Hunters International discovers Salt Cay, Turks & Caicos – a charming island southeast of the main island of Providenciales.  Steeped in history this sleepy little island is pure relaxation in a rustic setting.

Link to HGTV Episodes

Link to Compass Rose Cottage, Salt Cay

Turks and Caicos is the Caribbean’s Fastest-Growing Tourism Destination

Turks & Caicos Islands

February 13, 2015

MIAMI — The Turks and Caicos Islands is the fastest-growing tourism destination in the wider Caribbean region, Caribbean Journal has learned.

The Turks and Caicos Tourist Board reported a 50 percent increase in stopover arrivals to the archipelago last year, by far the highest of any destination in the Caribbean in 2014.

That was a total of 435,475 stopover arrivals in 2014, up from 290,587 stopover arrivals in 2013, according to the data.

In an interview with Caribbean Journal, Turks and Caicos Islands Tourist Board Director Ralph Higgs said the rise was due to a number of factors.

“I certainly think not least about them is we had a good push from Mother Nature — unseasonably cold weather up North was a contributing factor,” he said. “But I also think perhaps the biggest contributing factor was accessibility to our destination. We have very good airlift from most of our gateways in North America, and we’ve had additional lift from JFK and Boston. And there’s a stepped up co-op marketing campaign with the Tourist Board and some of its private sector partner. And we’ve increased our co-op relationship with many of the major wholesalers that sell Turks and Caicos. I think that they are the contributors to what is happening here.”

Higgs told CJ that the rapid growth was in line with several years of double-digit growth for the TCI, even in the wake of the financial downturn.

“We had one of our highest years in 2011,” he said. “But we were experiencing double-digit growth even during the height of the crisis — and while that growth slowed, we didn’t see any decline in growth there. I think that’s because of, generally, the way the destination has been positioned. The clientele that patronizes [the TCI], they tend to be a little more recession-proof.”

The next-fastest-growing destination in the Caribbean 2014 was Grenada, which posted growth of 18.4 percent last year, according to an analysis by Caribbean Journal.

So how does the TCI build on this level of growth?

Higgs said a major priority would be continuing to diversify the country’s source markets, and by focusing on improving what tend to be slower months for the region like August, September and October.

And that’s borne out in the numbers.

The Turk and Caicos saw one of its biggest single improvements last year in typically-slow October, when it welcomed 36,399 tourists — a whopping 131.6 percent higher than October 2013.

“The greatest periods of growth were the traditionally slow months for the region,” he said. “That supports a strategy that we continue to try and introduce to diversify our source markets, and look very closely at markets that have opposite seasons to North America. And I think we will accelerate our push in that direction. And if we can grow the summer months here then we can expand on that growth.”

He also said the TCI was working to expand its hotel product beyond the traditional hub of Providenciales to places like South Caicos, Middle Caicos, Grand Turk and Salt Cay.

“We are now concentrating on shining the spotlight on our sister islands,” he said. “If we can bring those destinations under the spotlight and people see them for what they have to offer, there may be some real possibilities for continued growth.”

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By By Alexander Britell – Caribbean Journal

PARROT CAY ANNOUNCES NEW BEACH HOUSES AND PARTNERSHIP WITH TURKS & CAICOS SOTHEBY’S INTERNATIONAL REALTY

PC.PressReleasePARROT CAY ANNOUNCES NEW BEACH HOUSES AND PARTNERSHIP WITH TURKS & CAICOS SOTHEBY’S INTERNATIONAL REALTY

Celebrating its 16th year of award-winning operation, PARROT CAY by COMO remains the enduring favorite Caribbean retreat, offering the perfect balance of service, comfort and exquisite natural beauty – all within just 3.5 hrs from New York City and 1.5 hrs from Miami. Parrot Cay is now in full bloom, the benchmark for personalized service, iconic island style, and yoga and spa retreats in the entire region.  Link to more information.

Just Released | The 2015 Global Luxury Residential Real Estate Report

WealthX

A WEALTH OF INSIGHT… The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report was designed to provide valuable insights into the ultra high net worth population’s appetite for luxury residential real estate around the world.

Download Full Report

Turks & Caicos Real Estate 2014 Year End Market Report

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The 2014 Turks & Caicos real estate market went out with a bang, on the strength of a great December of production, highlighted by the sale of a major TCSIR listed development parcel in North West Point for $23M. This strong finish helped lead a 20% $ volume increase over last year ($210M vs. $174M) with a 17% increase in average price. Passing the $200M benchmark is a sign of market health and provides a strong basis for future growth once new development fires up within 2015.

Link to Read More