The Reefs hotel has been named "Best Value" of all the hotels in the Caribbean, Bahamas and Bermuda for the third year in a row by the prestigious Travel & Leisure magazine.

"This is a remarkable achievement in an economy when even affluent travelers are watching their wallets," said general manager Neal Stephens in a press release.

"While other hotels have resorted to cutting rates to lure leisure travelers, The Reefs has managed to maintain both its rates and a consistently high occupancy in a down economy.

"By continually delivering an exceptional vacation experience at a reasonable price, The Reefs continues to appeal to savvy travelers who are primarily concerned with value rather than low price when selecting the best spot for their holiday."

The Reefs was named as the best hotel in the "Worth the Splurge" $400 and over a night category, according to the magazine. In the "Setting the Standard" $250 to $400 a night category, the Sandals St. Lucia Gold Resort and Spa took the top award.

"The March 2003 issue of Travel & Leisure is telling leisure travelers around the world that The Reefs is 'worth the splurge'!" finished Mr. Stephens.

The Reefs was named as the best hotel in the Caribbean region in the 2002 T&L survey, while Bermuda was named as the best island.