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PROVIDENCIALES, Turks and Caicos Islands -- Three agreements have been signed that will see three luxury resort style hotels built at a cost of $500 million in Providenciales, Turks and Caicos Islands, by Governor Ric Todd and developer Desarrollos Hotelco Group it was announced on Tuesday.

The memorandum of understanding (MOU) will see nearly 400 five-star guestrooms added to the Grace Bay area, with the first hotel to be built on an 10.5 acre site adjacent to the landmark Seven Stars Resort.

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.

“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,” said Todd.

“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% 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 of Hotelco added, “We were 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.”

Desarrollos Hotelco first visited the TCI in March 2011. The TCI Government Investment Unit has been in close dialog with the developer since February 2012. 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 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.

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