The Governor of the Turks and Caicos yesterday announced the signing of a $500 million agreement with Desarrollos Hotelco Group for three new resorts.Governor Ric Todd said the deal comes as the TCI recorded economic growth of more than four percent last year and reforms of the past three years appeared to have “impressed” major international investors.A spokesman for the Governor Todd said the islands will see three luxury resort style hotels built at a cost of $500 million in Providenciales.“The Memorandum of Understanding (MOU) will see nearly 400 five star guestrooms added to the Grace Bay area though the first hotel to be built on an 10.5 acre site adjacent to the landmark Seven Stars Resort,” the Governor’s spokesman said.“The MOU also covers Hotelco’s plans to build a further two luxury resorts with a further 500 guest rooms, also in the Grace Bay area; they will confirm the premier brands at a later stage. Consultancy firm KPMG TCI has been employed by Hotelco to complete a full social and economic impact study for the properties.”Governor Todd continued: “This is the best possible vindication of the new Turks and Caicos Inward Investment Policy, management structure and approach to attracting inward investment on the best terms for the taxpayers of the Turks and Caicos.“This confirms that major international investors are impressed by the reforms that we have made over the past three years and, despite global economic difficulties, see the Turks and Caicos Islands as a great place in which to invest and to do business.“Our economy has been growing since 2010, by some 4.3 percent alone last year, and is now set fair for future economic growth. The people of TCI have every reason to be proud of these achievements and to look forward to the future with optimism.”Pedro Vera, on official with Hotelco said his group was attracted to TCI because it is “a high end tourism destination with great potential, friendly and welcoming people and an excellent investment climate”.“We look forward to investing in TCI and being a participant in bringing luxury resort brands to these islands,” he said.Desarrollos Hotelco first visited the TCI in March 2011.The TCI Government Investment Unit has been in close dialogue with the developer since February 2012, the Governor’s spokesman said.“Desarrollos then worked with Horton Realty and the Investment Unit to secure the 10.5-acre Soldaco site. A second parcel of land, known locally as the ‘Mandalay site’ was also secured in Grace Bay. It is on this site that Desarollos proposes to build the two further hotels.“The Investment Unit has facilitated technical meetings with the planning department and airports authority to ensure a co-ordinated approach to working with the new developments, to help ensure the sustainable and supported growth of the Islands’ infrastructure needs and airlift capacity.”Desarrollos is based in Venezuela where it owns three hotels managed by Marriott.It has also developed a Ritz-Carlton resort on Aruba.