Tag Archives: Turks & Caicos Islands

Turks and Caicos Introduces New Tax and Revenue Collection Measures

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TurksandCaicosGovernment

April 20, 2013 | 12:00 pm

The government of Turks and Caicos is planning to introduce several measures aimed at improving revenue collection and generating new revenue.

Chief among them is the planned increase in hotel tax to 12 percent from 11 percent, which will take effect July 1. The government said it is asking hoteliers to “adjust their advertised rates accordingly.”

The government is also amending the schedule of the Stamp Duty Ordinance; where the amount of consideration is $25,000 – $250,000 the duty works out to $6.50 for every $100 (or 6.5 percent; where consideration is $25,001 – $500,000, or $8 for every $100 (or 8 percent) and where the consideration is greater than $500,000 or $10 for every $100 (or 10 percent).

The government said both measures were modeled as alternatives to the introduction of the Value Added Tax, which was withdrawn by the UK government after widespread opposition in the territory.

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By the Caribbean Journal staff

Turks & Caicos Waterfront Restaurant and Boutique Hotel Investment Opportunity

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Las Brisas Restaurant & Neptune VillasLas Brisas Restaurant and Neptune Villas are located on 5.80 acres in Chalk Sound; one of the most unique settings in Providenciales, Turks and Caicos Islands! This tranquil waterfront property is nestled amongst lush tropical landscaping and set on a sanctuary with over 375 uninhabited Cays. This listing boasts an amazing combination of seclusion and serenity on 2 coveted private beaches (575 ft. beachfront on the north and 500 ft. of beachfront on the west) along with an expansive 20 X 40 pool plus pavilion for sunning during the days and stargazing by night. Also adding to the charm of this listing is an enchanting canal trickling throughout the property! The first of the businesses for sale is the very popular waterfront Las Brisas Restaurant & Bar built in 2006. A well-established eatery featuring seating for 120 people on an open 2,525 sq. ft. area, plus a gazebo with cooling tropical “brisas” and unparalleled hues of the dazzling iridescent waters of Chalk Sound! In addition to the Las Brisas Restaurant, this property listing includes the Neptune Villas built in 1987; a collection of ten 1,200 sq. ft. 2 bed/2 bath vacation villas PLUS one 1,500 sq. ft. 3 bed/3 bath Villa. Each villa is fully furnished and equipped with kitchen, living/dining room, and private balcony. Also included in the purchase price is “Las Brisas Pontoon”, an onsite vessel for hire company and an excellent addition to the restaurant and villa business! The inventory includes: 4 double kayaks, 2 single kayaks, 4 paddle boats, 4 canoes and a 25′ pontoon boat with a 125 hp Mercury Cruiser. A perfect way to enjoy the peaceful turquoise waters of Chalk Sound! This rare commercial investment offering is the only restaurant/resort type of property in the Chalk Sound area; complete with all three current business licenses, liquor license and full inventory.  View our website for full gallery of photos:  http://www.turksandcaicossir.com.  Listing Agent: Heather Simpson-Forbes, 649.242.5310, heather@tcsothebysrealty.com

Turks & Caicos Real Estate Market Report – 1st Quarter 2013

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Turks & Caicos Market Report – 1st Quarter 2013Turks & Caicos Market Report

The first quarter sales of 2013 recorded the same overall dollar volume of the previous year thanks to the sale of the 16 acre parcel west of The Sands Resort, which is slated for a high end hotel development.  Click to read more

Turks & Caicos Press Release ~ Sailrock Development, South Caicos

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SAILROCK ANNOUNCES THE BEACH VILLAS AT GREAT HOUSE

Building on the momentum of the recent completion of its first villas, CMK BWI Limited’s Sailrock Development is pleased to announce it intends to break ground in early 2014 on Great House at Sailrock, the focal point for the development of the magnificent 800 acre Peninsula located on South Caicos. Great House, with its elevated dual outlook to the eastern Atlantic Ocean and western Bell Sound, will ultimately service 66 ridge top one and two bedroom suites, 14 Beach Villas and 9 additional Sound Villas all with unpretentious, barefoot luxury. 

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Great House at Sailrock, South Caicos

Great House at Sailrock, South Caicos

Lehman’s Caicos Calamity Saved by Luxury Comeback

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By Heather Perlberg – Mar 5, 2013 12:32 PM – BLOOMBERG.COMWest Caicos Beach, Turks & Caicos Islands

More than 1,300 miles (2,092 kilometers) from New York, on the uninhabited island of West Caicos, a group of European investors are helping to pick up the pieces from Lehman Brothers Holdings Inc.’s collapse.

Building is expected to resume this year at the Molasses Reef resort, according to the Turks and Caicos Islands governor’s office. The new developers, advised by London-based Kew Capital LLP, bought Lehman’s stake in the unfinished luxury project in December, more than four years after the bank’s record failure stranded at least 400 Chinese construction workers at the site surrounded by semi-built condos and weed- clogged swimming pools.

The island development, a mix of condos, land parcels and hotel suites, is being rescued as global stock markets rise to the highest levels in five years, helping drive demand for luxury properties from London to Honolulu. Some investors are seeking to capitalize on the rebound by buying commercial mortgages or construction debt tied to projects paralyzed when the credit crisis sent values plunging and helped bring on the worst economic slump since the Great Depression.

“For projects that went belly-up lenders were taking losses in the 70 to 80 percent range on loans,” said Matthew Anderson, managing director at loan research company Trepp LLC. “Investors could be all in, in some cases, at half the cost of the original envisioned project. That gives you a lot of room to make some money.”

Private Island

Development on the unpopulated Atlantic Ocean landmass began in 2001 just as the U.S. economy was slowing because of the bursting dotcom bubble. The Ritz-Carlton Reserve agreed to manage the hotel on the 9-square mile (23 square-kilometer) private island reachable only by boat, plane or helicopter, according to marketing materials.

Lehman, once the world’s fourth-largest investment bank, funded the majority of Molasses Reef as part of a massive expansion into real estate before filing the biggest bankruptcy in U.S. history in September 2008.

Even after exiting court protection last year, it continues to liquidate properties to pay creditors, from Detroit office towers to hotels in Hawaii.

Jeffrey Fitts, Lehman’s New York-based head of real estate and a managing director at Alvarez & Marsal, the advisory firm managing the liquidation, said in August that the firm would only sell assets to repay creditors once the timing is right. The bank is planning to put its Ritz-Carlton Kapalua luxury resort in Maui on the market in the next few months as tourism across the islands reaches record levels.  Kimberly Macleod, a spokeswoman for the firm, declined to comment on the Molasses Reef sale.

Hostage Situation

Construction on West Caicos came to a standstill with the project about 70 percent complete, and some of the Chinese employees of Israeli construction firm Ashtrom Properties Ltd (ASPR) held their contractors hostage when an anticipated Lehman loan didn’t materialize and wages weren’t paid. The standoff ended after a week.

More than four years later, the cement shell of a hotel with views across turquoise water is mostly intact, as are the remnants of less luxurious workers’ quarters, resembling a mini trailer park. Birds have built nests on the rooftops of some of the 30 unfinished condos, originally marketed from $2.5 million to $5.5 million, that line a stretch of beach on the island northeast of Cuba.

Unique Project

“It’s always been a unique project and the asset is still very sound,” said Matt McDonald, director of Logwood Development Co., the prior developer which agreed to sell most of its interest to the European investors, who weren’t identified in the release. “It was a very complex transaction and Kew had the foresight and recognized the discount they were getting on the debt.”

About $300 million has been put into the island so far and the remaining infrastructure, hotel and condo project may cost about another $130 million to complete, McDonald said.

West Caicos, Turks & Caicos Islands

“The investment reflects our conviction that Turks and Caicos Islands has a great tourism base and has enormous further tourism potential,” Kew Capital said in a Dec. 14 statement.

The firm was started by former Credit Suisse Group AG executives Jeremy Fletcher and Nathan Burkey in 2008 to advise Russian steel magnates Alexander Abramov and Alexander Frolov on how to manage “several billion dollars” of their wealth, Dow Jones reported at the time. Jeremy Mercer, a spokesman for Kew, didn’t disclose the price paid for the assets or name the investors.

Broken Projects

Molasses Reef is a “classic example” of the sort of opportunities that are out there, according to Andy Wimsatt, senior vice president of investment properties at CBRE Inc. and a former manager of the West Caicos project. “Those are projects that were broken in some way or another during the contraction and are in need of creative capital.”

Investors are looking at returns in the high 20 percent range if they are buying impaired debt or projects that need capital for completion that have a residential component, according to Wimsatt.

“Investors now view Caribbean resorts as having hit bottom and improving,” he said. “When the residential market there begins to warm up, and we’re in the early stages of that now, you’ll see a lot more activity.”

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To contact the reporter on this story: Heather Perlberg in New York at hperlberg@bloomberg.net

To contact the editor responsible for this story: Rob Urban at robprag@bloomberg.net

Seven Stars Resort – An Investment Profile

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Seven Stars Resort - An Investment Profile

Seven Stars Resort – An Investment Profile

Inspirational Leadership Beckons the Way

for Investor Growth

2012 was an extraordinary and explosive year for Seven Stars Resort as it took its place alongside the finest resorts in the Caribbean and Turks & Caicos.  Click to read more.

March 2013

GRACE BAY RESORTS ANNOUNCES THE RESIDENCES, THE FIRST LUXURY MICRO-RESORT IN THE TURKS AND CAICOS

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GRACE BAY RESORTS ANNOUNCES THE RESIDENCES, THE FIRST LUXURY MICRO-RESORT IN THE TURKS AND CAICOS

Boutique Developer Redefines Villa Ownership with Sophisticated Beachfront Residences on Award-Winning Grace Bay Beach

The Residences Grace Bay BeachfrontProvidenciales, Turks and Caicos – February 27, 2013 – Poised to become the most coveted address in Providenciales, Grace Bay Resorts introduces The Residences, the award-winning hospitality brand’s first-ever standalone residential villa enclave in Turks and Caicos.  Dubbed a “micro-resort,” The Residences offer all the handmade comforts of a private home with the management and luxury services of a five-star resort.  Paired with the hospitality group’s personal concierge service and unrivaled attention to detail, The Residences on Grace Bay Beach exemplify the luxury lifestyle experience in the Caribbean.

Comprised of three luxury homes currently under development, the micro-resort combines sophisticated, elegant design with the highest level of service and exclusive amenities.  Each of the custom-designed homes is located on a 95-foot-wide freehold parcel of private beachfront and offers over 6,000 square feet of indoor and outdoor space, four bedrooms, four and a half bathrooms, and 2,600 square feet of external area with private deck surrounding an infinity pool and outdoor shower. The two oversized master bedrooms provide oceanfront views, while the master bathrooms boasts free-standing tubs, glass showers and double vanities.  Expansive living and dining areas offer 14’ ceilings, solid wood kitchens with appliances from Sub-Zero and Wolf and the highest quality imported fixtures and finishings.

The Residences are designed by Coast Architects from the UK, known for its work with Amanyara, Parrot Cay and a multitude of super luxury residences in Turks and Caicos.

“Grace Bay Beach offers an unparalleled location for launching Grace Bay Resorts’ first freestanding residential concept. We continue to see significant interest in this type of property on Providenciales from our most sophisticated luxury customers, who are interested in buying residential property or renting for short term, high-end family vacations,” states Mark Durliat, Chief Executive Officer and Principal of Grace Bay Resorts. “Ownership of a single family home on Grace Bay Beach is a rare opportunity, particularly one managed by a proven resort developer and operator. We are confident in the potential of The Residences as this is a luxury offering not previously available in the marketplace.”

In addition to calling Grace Bay Beach home, owners are provided access to the resort property’s common areas and amenities, including an elegant owners’ library, a reception area where guests are able to check in and access on-site management and concierge staff, and a fully-equipped fitness center. In-villa services include spa treatments, in-room chefs, concierge services, housekeeping, maintenance and beach services, as well as preferential access to the award-winning Grace Bay Club, including signing privileges at all restaurants and bars. While not in residence, owners can opt to rent their home to high-end travelers seeking an ultra-luxury, private vacation experience.  Prices for The Residences start at $3.7 million, with Turks and Caicos Sotheby’s International Realty managing all sales efforts on behalf of Grace Bay Resorts. www.GBResidences.com

**Prices and availability are subject to change without notice.

 About Grace Bay Resorts

Grace Bay Resorts is a boutique developer and operator of high-end, luxury resorts and branded residences, founded from its flagship property Grace Bay Club in Turks and Caicos which opened in 1993. Led by Mark Durliat and Nikheel Advani, the developers and hoteliers behind this renowned resort, and Michael Brewster, Grace Bay Resorts provides development, branding and management for its brand and is expanding its award-winning services into other Caribbean destinations and Latin America, with a target of 10 properties in the next few years. For more information, please visit www.gracebayresorts.com.

About Turks & Caicos Sotheby’s International Realty

Led by President / Broker Joe Zahm, Turks & Caicos Sotheby’s International Realty is the leading real estate company in the Turks & Caicos Islands and enjoys a solid number one market share position. TCSIR has enjoyed great success with Mark Durliat and the Grace Bay Resorts brand and operates its flagship office on Grace Bay Road as well as an on – site office at the renowned Grace Bay Club. http://turksandcaicossir.com

About Coast Architects

Founded in 2007 by Simon Nicholls and Chris Davies, Coast is one of the leading architectural firms in the Turks & Caicos Islands. Specializing in high-end residential villas and resort projects, Coast works with clients and consultants from all over the world and provides comprehensive architectural services, design coordination, contract administration, landscape design and interior design including procurement and installation. www.coast.tc

Media Contact:

Courtney Marzahn

Susan Magrino Agency

212.957.3005 / courtney.marzahn@smapr.com

Seven Stars Resort, Turks and Caicos Voted Among Top 10 Hotels in the Caribbean

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FOR IMMEDIATE RELEASE

Seven Stars Resort, Turks and Caicos Voted Among Top 10 Hotels in the Caribbean by U.S. News and World Report and TripAdvisor

SevenStars Front GatewayPROVIDENCIALES, Turks & Caicos (January 31, 2013) – U.S. News and World Report announced today that Seven Stars Resort, located in Providenciales, Turks & Caicos, was named among the top 10 resorts in the Caribbean. This ranking comes on the heels of being named one of the top 10 resorts in the Caribbean by TripAdvisor in their 2013 Traveler’s Choice Awards earlier this month.

Seven Stars Resort was ranked 10th among all 273 Caribbean hotels that were analyzed by U.S. News & World Report for the 2013 rankings.  The magazine’s rankings are based on an unbiased methodology that combines the prominence of industry accolades with reputation among travel experts and guests expressed through online reviews and ratings. In addition to being ranked 10th in the Caribbean, Seven Stars Resort is also ranked second among the 31 hotels in Turks & Caicos.

Seven Stars Resort was also recently recognized among the top 10 in the Caribbean by TripAdvisor. With over 75 million user-generated reviews and opinions, TripAdvisor is the world’s largest travel site offering trusted advice from real travelers for those looking to plan the perfect trip.  The 2013 Traveler’s Choice Awards recognizes only the top 1% of all hotels and resorts on the site and also named Seven Stars Resort among the Top 10 Hotels in the Caribbean.

”Our goal at Seven Stars is to provide the best experience for our guests, so we are extremely proud to be recognized for our outstanding accommodations and amenities, attentive customer service, and dedicated staff,” said Ken Patterson, managing director at Seven Stars Resort. “These recognitions continue to serve as a firm validation that we are achieving our goals to be among the most sought-after destination resorts in the Caribbean.”

Guest reviews that represent some of the consistent feedback the resort has received and which have contributed to Seven Stars’ recent accolades are as follows:

“Everyone at the resort is incredibly friendly, warm, smiling, and the service was truly top-notch! They really do a fantastic job and you’ll be pleased. Everyone made an effort to know us by name, which was super nice. The personal service and touch wasn’t overdone – really it was perfect!”

  • “We just got back from our fourth visit to Seven Stars. It gets better with every trip there. We can’t say enough about the amazing staff, they really make you feel like you are part of the family. The suites are all beautiful, the food is outstanding at all restaurants, it just does not get any better than here.
  • “Quite possibly the best resort we have ever been to. The resort and the grounds are beautiful, but in all honesty, it is the staff that really makes this place great.”
  • “Words really can’t say enough about how incredible Seven Stars Resort and all their staff are. We highly recommend this resort for a great place to vacation, and a great place to get married at. We are already planning our next trip back!”

To experience why Seven Stars has guests coming back again and again, consider the resort’s current booking specials. Book now through March 31 for travel through July 31 and enjoy every third night free in an Ocean View suite, plus receive a $100 resort credit on stays of five nights or more to use either at the Spa or in any Seven Stars restaurant.  For reservations or more information on Seven Stars Resort, visit www.SevenStarsGraceBay.com or call 866-570-7777.

To stay up-to-date on the latest news and travel deals from Seven Stars Resort, travelers and guests are invited to become a fan of the resort’s Facebook page by visiting www.facebook.com/SevenStarsResort.

ABOUT SEVEN STARS RESORT, GRACE BAY

Framed by white sand beaches and the marine preserve of PrincessAlexandraNational Park, Seven Stars Resort embraces the natural environment and beauty of the Turks and Caicos Islands.

Named for the seven stars of the storied Pleiades constellation, Seven Stars is an all-suite resort that sits on 22 acres of manicured grounds at the center of GraceBayBeach – rated one of the best beaches in the world. The resort’s luxuriously appointed junior, one-, two-, three-, and four-bedroom suites, are among the Island’s most spacious with private balconies and dramatic views. Offering luxurious comforts, accommodations feature stylish furnishings and gourmet kitchens complete with wine refrigerators and Nespresso machines.

In addition to a best-in-the-world beach experience, Seven Stars Resort features a magnificent salt water pool that serves as its centerpiece. Seven Stars also offers unique and diverse dining experiences. At Seven restaurant, guests will enjoy a fresh and varied menu of breakfast offerings in the morning, and for dinner, an exotic, authentic and Caribbean-inspired menu with artfully prepared dishes. The poolside Sand Dollar, offers a casual, outdoor menu with sandwiches, salads and more for lunch. Beachside, The Deck, provides an alfresco experience for lunch, as well as cocktails and tapas during the evening.

The Spa at Seven Stars Resort provides the utmost tranquility to relax and indulge by offering an extensive menu of services to soothe the mind, body and spirit. Furthermore, Seven Stars Resort offers a fitness center featuring Yoga, Pilates and Body Toning; complimentary water sports including Hobie Cats, kayaks, surfboards, snorkeling equipment and pool floats; tennis courts; and a children’s play area.

Seven Stars Resort was recently named “Best All-Suite Resort” in Turks and Caicos by the World Travel Awards in addition to being named to the 2013 Conde Nast Gold List.

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CONTACT: Lani Gerlak/Morgan Brosman  sevenstars@msilver-pr.com

Turks & Caicos Sotheby’s International Realty Merges with Tropical Paradise Realty

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Turks & Caicos (Jan. 9, 2013) – Turks & Caicos Sotheby’s International Realty isJoe Zahm & Richard Sankar pleased to announce that it has merged with Tropical Paradise Realty, and will continue to operate under the banner of Turks & Caicos Sotheby’s International Realty.

“We are thrilled to welcome our longtime friend and colleague, Richard Sankar, and his group to our growing company,” said President Joe Zahm. “Both firms share the same core values, and the merger is the next logical step in our growth since we successfully merged Connolly Zahm Properties in 2009 to create one united, powerful presence in the market. The sharing of all our resources will allow each agent to better serve their customer’s unique needs. Turks & Caicos Sotheby’s International Realty clients will benefit from our uniquely intimate local market knowledge and the Sotheby’s International Realty® network’s global reach among the world’s most prestigious clientele. This merger strengthens our market and industry leadership position in the Turks & Caicos market. We also look forward to announcing some exciting community initiatives in the near future.”

In addition to bringing in a strong group, Richard Sankar has been an elite producer for 20 years and recently completed an MS in Real Estate Development. “We have enjoyed a close relationship with Joe, his partner Nina Siegenthaler and their team for many years and we are so excited to be sharing our considerable talents under one roof,” said Sankar. “This relationship has been about ten years in the making and we are thrilled to get started!”

“Turks & Caicos Sotheby’s International Realty, under the leadership of Joe Zahm, has been a very important force in our worldwide network,” said Philip White, president and chief operating officer, Sotheby’s International Realty Affiliates LLC. “Their growth and expansion is a testament to their leadership in the market.”

About Turks & Caicos Sotheby’s International Realty

Turks & Caicos Sotheby’s International Realty is the leading real estate company in the Turks & Caicos Islands and enjoys a solid number one market share position. Led by President / Broker Joe Zahm, TCSIR now has 10 of the top 20 agents in the jurisdiction and is among the premiere brokerages in the Caribbean.

REVIVAL OF DEVELOPMENT OF A RESORT ON WEST CAICOS

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The Turks & Caicos Islands Government is delighted to announce theWestCaicos completion of the Development Agreement enabling the recommencement of the Molasses Reef development, a luxury hotel and condominium resort on West Caicos, which has been stalled since 2008. The Development Agreement was completed on the 6th of December while the remaining arrangement necessary for recommencing the project will be completed this week.
West Caicos measures 9 square miles and is currently uninhabited. Development of the island began in 2001, but with the credit crisis in 2008 and the collapse of main creditor to the project, the development came to a standstill in the same year. A group of European investors advised by Kew Capital reached agreement with the previous developers, Logwood Development Company, to buy most of their interest in the project, and with the administrator of the original creditor to buy its interest in the land and other assets including the partially built hotel and associated infrastructure. The project will re-mobilise as soon as practicable and after the new development team has carried out a detailed review of the existing infrastructure and buildings. Subject to this review, the developer looks to start work in 2013 with a view to opening the hotel as soon as possible.
The Development Agreement, initially signed by Governor HE Ric Todd on behalf of TCIG , was under negotiation between TCIG, the owners of the development and the new investors for nearly 12 months, and will bring significant benefits to the Government and people of the islands. The development is a multi-phased development, which will be a source of construction activity and employment on the island for many years to come. Other benefits include enhanced Government revenues through on-going duties, license and other fees, as well as a 25% share of proceeds from the sale of leasehold interests of land located in the southern part of West Caicos. Also the agreement reached with the new investors yielded the Government $7.6 million including stamp duty, through the completion of land sales that had previously been agreed but not completed.
The original project employed 500 people at its peak and expected to create hundreds of jobs on an on-going basis once the hotel was opened; the Government expects similar levels of employment under the new development. The additional phases of the development include luxury villa and condominium developments, which will create further construction work and hospitality industry employment. The investment group expects that hundreds of millions of dollars will be invested in the island over the lifetime of the project.
The new development team has ambitious plans for making an environmentally sustainable development on West Caicos and will work closely with the various government agencies including the Planning Department and Department of the Environment and Costal Resources among others. A key part of the Development Agreement designates much of the island as a Nature Conservancy, which the project team has undertaken to maintain, preserve and protect.
His Excellency Ric Todd, the Governor of the Turks & Caicos Islands, commented: “I am glad that the Government and the various parties involved in this transaction have reached a deal that will enable this project to re-start. The project will add to the range of tourism and hospitality offerings, which already makes these islands such a leading tourism destination. This luxury resort development will deliver considerable economic and employment benefits to TCI, and has been very carefully structured so as to preserve the unique environmental and marine heritage of West Caicos. The re-start of the development is a further vote of confidence in TCI and in the current investment policy of the TCIG.”
A spokesman for the investment adviser, Kew Capital said: “We are very pleased to have advised on this investment in TCI. We have worked hard along with the Government to bring it about, and we look forward to the project recommencing with the new development team. The investment reflects our conviction that TCI has a great tourism base and has enormous further tourism potential. We know this project comes with a great deal of responsibility; West Caicos is a beautiful island and we are determined to ensure that the new development is sensitive to its environment and to this end we will work closely with the various Government agencies as well as the newly elected Government.”

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December 14, 2012

Written by The Governor’s Office in the Turks and Caicos Islands