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Grace Bay Resorts To Manage The Veranda Resort And Residences Opening In February 2010

Anticipated Resort to Feature the Only Private Beachfront Homes in Turks and Caicos

(Providenciales, Turks & Caicos) – Grace Bay Resorts, the company behind the celebrated Grace Bay Club in Turks and Caicos, recently announced the addition of The Veranda Resort & Residences in Providenciales to their management portfolio under a separate division of the company. Scheduled to open on February 1, 2010, Veranda will be the only five-star hotel to offer private beachfront villas in the region.

“This new division of our brand was created to offer management services to independent luxury resorts wishing to retain their own name and identity, while also benefitting from proven management, marketing and operational expertise our expanding group provides.  The Veranda is a unique property that has enormous potential and we are honored to be selected as the operator for this resort,” says Mark Durliat, CEO of Grace Bay Resorts.

The 10-acre resort on Providenciales occupies approximately 800 feet of beach frontage along Grace Bay beach.  Inspired by British Caribbean architecture, the 168-room resort will be comprised of eight private beachfront villas, each enjoying their own private pool, as well as 123 beautifully appointed residential units available as studios, one, two and three bedroom units. All room categories will be available for private purchase ranging in price from $290,000 for a studio to over $3.5 Million for a private villa and be managed under an optional rental program administered by Grace Bay Resorts.

Original construction on The Veranda Resort began in 2004 and was stalled in late 2007. Faez Limited purchased the resort in April 2008 and has since invested more than $40 million in the completion of the project including new upgrades and amenities taking the mid-market resort to a five star luxury concept. Every element of the resort’s interiors, furnishings, common areas and landscaping has been upgraded as part of the renovation. In addition, the existing 70-seat restaurant and pool have been replaced with the prioritized the design and construction of a unique Asian-themed spa boasting eight treatment rooms, a 200-seat beachfront restaurant, bar and grill and a 75-foot Infinity Edge Pool that will act as the centerpiece of the property.

Key features of the new Veranda Resort & Residences include:

  • Two separate oceanfront restaurants offering both elegant and casual dining experiences;
  • An outdoor lounge and contemporary bar;
  • An Asian-inspired Wellness Centre, Spa and Fitness facility, secluded within densely lush gardens;
  • A dedicated conference center of approx 1,700 sq. ft.;
  • Three separate swimming pools;
  • Dedicated kids club;
  • Library and business center;
  • Tennis court.

“There is a growing demand for this type of product in the marketplace today and we are convinced that The Veranda has the potential to become a major contributor in the Turks and Caicos luxury market,” says Nikheel Advani, Chief Operating Officer and Principal of Grace Bay Resorts. “We are gathering some of the finest hospitality talent from the Turks and Caicos and internationally to ensure this property is operated at a five star level.  Once a guest steps foot on this property they will recognize the familiar fingerprint of our impeccable service and personalized standards that have come to define the Grace Bay Resorts experience.”

For more information, visit www.gracebayresorts.com or www.gracebayclub.com.

About The Veranda Resorts & Residences
Faez Limited recently acquired The Veranda. The property is being developed by a leadership team consisting of Ronald D. Sutherland, president of The Hemisphere Group and Development Manager; and Jeffery A. Lee, architect and senior partner of Lee&Astwood Architects, who are re-designing the property. Both have extensive experience with some of the finest resort and residential properties in the Caribbean basin. For more information, visit www.gracebayresorts.com.

About Grace Bay Resorts
Grace Bay Resorts is a boutique developer and operator of high-end, luxury resorts and branded residences, founded from its flagship property Grace Bay Club in Turks and Caicos which opened in 1993. Led by Mark Durliat and Nikheel Advani, the developers and hoteliers behind this renowned resort, and Michael Brewster, Managing Partner of Denver-based SV Capital Partners, Grace Bay Resorts operates multiple divisions including, providing development, branding and management for its flagship über-luxe Grace Bay Resorts brand; and its “The Grace Collection” of independent luxury properties. Grace Bay Resorts is expanding its award-winning brands and services into other Caribbean destinations and Latin America, with a target of 10 properties in the next few years.

Media Contacts
Caitlin Austin / Amanda Schinder
Susan Magrino Agency
641 Lexington Avenue, 28th Floor
New York, NY 10022
212.957.3005
[email protected] / [email protected]

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