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| · November 30, 2003 · |
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· Grace Bay Club Breaks Ground On Hotel And Residential Expansion Phase two of $35 million expansion and upgrade program to be completed by Spring 2005PROVIDENCIALES, Turks & Caicos (November 30, 2003) - Chief Minister Michael E. Misick and Grace Bay Club owner/developers Mark Durliat and John Fair, along with the management and staff of the acclaimed hotel, have announced the official groundbreaking of the new Villas at Grace Bay Club. The world-renowned Grace Bay Club resort broke ground on its highly anticipated luxury residential project on November 25, representing the next phase in the upgrading of the resort following its purchase by its new owners in April 2002. Since the announcement of the project at that time, the new residential offering has been extremely well received due to its full integration with the amenities, services and management of this highly established, five-star boutique hotel. Grace Bay Club offers luxurious accommodations; the fine dining oceanfront Anacaona restaurant; the European-style Serenity Spa; the "hip" new Lounge at Grace Bay Club; a full complement of watersports and a "beach concierge"; tennis; golf nearby; and more. Grace Bay Club has been eight times named one of "the Top 20 resorts in the Caribbean" by Conde Nast Traveler, is a recent winner of "Best of the Best" by Robb Report, and also a readers' favorite by Departures magazine. In 2000, the hotel was named Number One in the Caribbean for Small Hotels. The new residential project consists of 38 new 2-bedroom, 3-bedroom, and penthouse condominium units which will participate in the hotel rental program, as well as a host of new amenities, including a 4,000 foot European Spa & Fitness center, an on-the-beach swimming pool, a casual dining oceanfront grill, and reception/lobby area. The project is widely considered one of Providenciales' most exclusive residential offerings and has been favorably received by the investing public, with more than 63% of the units already purchased. Pioneering a very high standard in the Turks & Caicos, Grace Bay Club opened in 1993 under the PNP Government and quickly earned a reputation for offering luxurious accommodations and pampering, attentive service. The resort has since been a major contributor to the position currently enjoyed by the Turks & Caicos Islands as a luxury, high-quality tourism destination. The hotel is a seven-year member of Small Luxury Hotels of the World and Virtuoso. The hotel's small size caters to a discerning repeat clientele, with a staff and management team deeply committed to providing the highest level of service. The hotel employs an exceptionally high ratio of staff to total rooms, with 65 employees. With the new expansion, it is expected that this employee base will grow to more than 100. In addition, the hotel is already a major contributor to the Island's bed tax revenue base, which will greatly increase with the resort expansion. In April 2002, Messrs. Fair and Durliat acquired the Grace Bay Club from its previous owner and have since injected considerable financial resources into revitalizing and improving the well-known hotel to secure the five-star hotel's position on the island as an "irreplaceable piece of art," according to Mr. Fair. The first phase of the hotel's upgrade encompassed an extensive facelift with significant improvements, modernizations and additions to hotel accommodations as well as the redecoration and refurbishment of all public spaces. The Hon. Chief Minister Michael E. Misick has been a strong advocate for this expansion project since its announcement in 2002. In less than four months in office, the Chief Minister has moved quickly in demonstrating his commitment and ability to secure quality economic and tourism growth for the Turks & Caicos Islands. A Development Agreement was agreed recently and Grace Bay Club will soon present the Chief Minister with its first payment to the Turks & Caicos scholarship fund. The Grace Bay Club project represents a special type of tourism development, which enhances the economy of the Turks & Caicos Islands in distinctive ways while also giving full recognition of the Government's stated policy of preserving the natural beauty of these Islands. Due to its established presence as a major participant in the luxury tourism industry, Grace Bay Club offers a convenient and secure option for future condominium purchasers to participate in the hotel's rental pool. As a result, most, if not all, of the Villas/condominiums will be used as additional hotel rooms, generating incremental bed tax dollars for the Islands. In addition, due to the very significant price level of the purchases, the project contributes a very high proportionate amount of stamp duty to the economy. In recognition of the non-commercial and non-cluttered environment of Grace Bay, Grace Bay Club development has purposely kept its unit density to a minimum, with a correspondingly low impact on the area. Developer Mark Durliat stated "...we are extremely pleased to have the opportunity to work with such a progressive and co-operative Government and other departments such as the Planning Department and the Tourist Board, who have been instrumental in our project. This Government clearly welcomes quality, well though-out tourism projects such as ours. For this we are grateful to the Government and people of the Turks & Caicos Islands." For information about The Villas at Grace Bay Club visit www.villasatgracebayclub.com, email thevillas@gracebayclub.com or call (649) 946-5050. For Grace Bay Club information and reservations, contact Grace Bay Club at (800) 946-5757, by fax at (649) 946-5758 or online at www.gracebayclub.com. Media Contact: Mark Durliat / Martein van Wagenberg 649-946-5050 mark@gracebayclub.com |
| Produced by Judi Janofsky, Rich Steck and the Golf Press Association |