Plan for another five-star resort in St Kitts moves forward

Chairman and Chief Executive Officer of St Michaels Foundation Limited, Chris Kanhai said the US$860 million Cockleshell Bay Development on 153 acres of land on Cockleshell Bay, is the future home of a 125-room Park Hyatt Resort and Spa, a 100-condominium

BASSETERRE, St Kitts, September 17, 2009 – Progress is being made for the development of another five-star resort on St Kitts’ southeast peninsula.

An official signing ceremony between Park Hyatt Resorts and the Toronto-based St Michael’s Foundation Limited to take the plan forward is set for today.

Chairman and Chief Executive Officer of St Michaels Foundation Limited, Chris Kanhai said the US$860 million Cockleshell Bay Development on 153 acres of land on Cockleshell Bay, is the future home of a 125-room Park Hyatt Resort and Spa, a 100-condominium Park Hyatt Residence, 86 Estate Villas and the Cockleshell Bay Marina Village with a 160-slip marina and 234 condominium and Town homes.

He said construction of the marina is schedule to begin in January 2010 and the resort in November 2010. The project also includes the several amenities including a casino, four restaurants, tennis courts and swimming pools.

Kanhai added that the hotel, marina and the Park Hyatt Residences are to be completed by 2013 and the Marina Village and Estate Villas by 2015.

Earlier this month Cockleshell Bay Marina, through St Michael Development Ltd, signed a 10-year operating agreement with Camper & Nicholsons Marinas for the development and operation of the Cockleshell Bay Marina.