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Sandals buys Turks & Caicos hotel and strikes deal with govt

Following its purchase of a Grenada resort last month, Sandals has now announced it’s bought the Veranda Resort Hotel in Turks and Caicos.

The agreement was reached after “ongoing negotiations” with Turks and Caicos Governor Ric Todd and the TCI government, according to a release.

Turks and Caicos Premier Dr Rufus Ewing has said that he will seek a Memorandum of Understanding with Beaches TCI that will revisit the government’s development agreement with Beaches from 2006, with the goal of improving the immigration provisions and concessions in the government’s favour, and seeking additional benefits for the TCI.

The latter would include greater employment protection and the development of a skills training unit at the TCI Community College. Terms of the deal were not disclosed though.

The property will be annexed to Sandals’ current property in the territory, the Beaches Turks and Caicos Resort Villages & Spa, as the Key West Luxury Village beginning December 17.

The Key West Village will feature studios, multi-bedroom suites and villas, representing the first major addition to the property since the Italian Village opened at Beaches TCI in 2009.

The expansion will bring the resort’s number of restaurants to 19.

“We sincerely thank Governor Todd, Premier Dr. Rufus Ewing and the entire cabinet for their ongoing support of Beaches Resorts,” said Gordon “Butch” Stewart, chairman of Sandals Resorts in a statement. “We admire their vision and tireless efforts for the betterment of the Turks product and wish them ‘All That’s Good’ for the future.”

Sandals said that all reservations on record for the Veranda after December 17 would be honoured by Beaches. The company said Beaches will also recruit existing staff of the Veranda.

The multimillion dollar sale to Sandals Resorts International by Faez Limited will become official on December 17, 2012, officials told The TCI SUN.

The Veranda, which is an $80 million, five star fully-inclusive 123-room residence-style resort, is located right next to Beaches Resort and Spa, with only a beach access separating the two properties. Sitting on 11 acres and boasting 800 feet of beachfront, The Veranda is made up of one, two, three and four-bedroom cottages and 40 studios and has a total of 168 keys. It is built in the Key West/Caribbean style.

The Veranda was reportedly sold for around $100 million.

With the integration of The Veranda into Beaches Resort, the Butch Stewart resort will have a total of 875 keys and over 1,100 bedrooms, mainly suites, making it the largest hotel on the Turks & Caicos Islands.

Sandals purchase: The Veranda Hotel in the Turks & Caicos Islands

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Published December 05, 2012 at 8:00 am (Updated December 04, 2012 at 8:25 pm)

Sandals buys Turks & Caicos hotel and strikes deal with govt

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