The owners and developers of The Ritz-Carlton Turks and Caicos has acquired private island Dellis Cay many years after development on the island ground to a halt.
The multi-million purchase of the private island was confirmed by Roberto Stipa, Director Desarrollos Hotelco, the owners of The Ritz-Carlton.
Located between the islands Parrot Cay and Pine Cay, Dellis Cay was destined to be another exclusive luxury community in the Turks and Caicos Islands before the project fell victim to the 2008 financial crisis.
The deal for the 560-acre private island with partially completed buildings was bought from Trinidad and Tobago Unit Trust Corporation.
“We’re extremely delighted to commence the process of reviving the Dellis Cay project. It’s an absolutely amazing island. It’s a magical place. We’re going to top it off with a very high-end hotel brand, but we have not officially signed yet, so I won’t disclose the name at this time, but it will certainly augment the luxury brand that Turks and Caicos Islands is known as around the world,” Stipa told the Turks and Caicos SUN.
Stipa said his company will purchase almost half of the partially-constructed houses on Dellis Cay. Many other property owners are now excited about completing their residences, he added.
The investment in the project will be around $200 million and construction is expected to start within the next 12 months. The first phase of the project will include a hotel and cabana-type houses.
“We want to be super-fast and super-aggressive with what is there,” he said, adding that around 300 jobs will be created during construction and after completion.
Stipa’s company also owns Ritz-Carlton in Aruba, St. Regis hotel in Bermuda, and is currently developing another St. Regis in Aruba which will be completed in 2024. They are also planning to develop a St. Regis hotel in Grace Bay, Turks and Caicos Islands.
Real estate investment in the Turks and Caicos Islands is popular among high and untra-high net worth individuals that visit the islands. It also makes a significant contribution to the economy of the country.