by Brian Major
Last updated: 1:00 PM ET, Mon April 13, 2015
PHOTO: The Turks & Caicos' newest luxury property will be set on Grace Bay Beach. (Photo by Brian Major).
The Caribbean's fastest-growing destination is partnering with a developer to build a new $224 million luxury resort. The Turks and Caicos Islands' governor's office earlier this month announced an agreement with Desarrollos Hotel Group to build a 124-room resort on Grace Bay Beach in Providenciales, the territory's capital.
The resort, which will include a casino and spa, will be managed by Ritz Carlton Hotels Co. LLC. Construction is scheduled to begin in November and take three years.
"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 Rufus Ewing, the Turks & Caicos' premier. "At the same time, it further develops the luxury tourism offering in this destination with the addition of 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 Washington Misick, minister of finance. "This announcement clearly consolidates our position as one of the fastest growing, and strongest economies in the Caribbean."
Turks & Caicos tourist arrivals surged by 31.6 percent in 2014 versus 2013, according to data from the Turks and Caicos Tourist Board (TCTB), making the territory the fastest-growing among destinations tracked by the Caribbean Tourism Organization (CTO).
Turks & Caicos hosted 1,407,313 visitors in 2014, with 435,475 land-based, overnight travelers arriving primarily at Providenciales International Airport, and 971,838 cruise-ship travelers arriving on ships at the Grand Turk Cruise Center.
Desarrollos Hotel Group earlier announced plans to develop a 380-room JW Marriott Hotel and Casino in Providenciales. The property is scheduled to open in 2016.
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