BASSETERRE, St Kitts, April 30, 2009 – With the build-out of its 88 timeshare units nearing completion, Marriott Worldwide Corporation has now signed a Residential Marketing License Agreement that will further expand Marriott’s presence on St Kitts with the addition of a major condominium development.
Under the agreement, the condominium development project will be branded as a Marriott property, the St Kitts Marriott Condominiums. The first phase of the project will cost US$125 million and include the construction of four buildings comprising 270 units on 11-acres of the former Angelus Resort property adjacent to the St Kitts Marriott Resort and Marriott’s St Kitts Beach Club.
Marriott’s existing stakeholdings on island include the Marriott Vacation Club International timeshare product, Marriott’s St Kitts Beach Club, as well as the St Kitts Marriott Resort and Royal Beach Casino and Marriott Golf’s Royal St Kitts Golf Course.
The St Kitts Marriott Condominiums are being developed by Resort Acquisitions and Developments Ltd, owners of the recently acquired former Angelus Resort property, Marriott’s St Kitts Beach Club, the St Kitts Marriott Resort and Royal Beach Casino and part owners of the Royal St Kitts Golf Course.
“Marriott’s ongoing diversification and expansion of their portfolio on St Kitts is an important endorsement of our emerging tourist destination at a difficult time in the investment market,” said Minister of State for Tourism, Sports and Culture, Senator Ricky Skerritt.
He added that “the winning combination of Marriott’s amenities and service with St Kitts’ signature blend of cultural and recreational experiences, scenic natural island beauty and a welcoming people, is sure to appeal to those who wish to invest in a vacation home product at an opportune time in the global real estate market”.