Friday 28 July 2017

Desmond plans a $100m Caribbean island resort

INVEST: Dermot Desmond. Photo: Gerry Mooney
INVEST: Dermot Desmond. Photo: Gerry Mooney
Nick Webb

Nick Webb

Billionaire financier and Celtic FC backer Dermot Desmond has inked a $100m agreement to redevelop an uber-luxury hotel and complex on the sunny island of Canouan, which is part of the Caribbean Grenadine Islands.

Although better known for his punts on the stockmarket, banking major profits from Greencore, Golden Vale and Baltimore Technologies, Desmond is also an investor in the super luxury resort sector.

He is one of the backers of the exclusive Sandy Lane resort in Barbados, along with fellow tycoons JP McManus and John Magnier.

They are thought to have spent close to €60m buying the complex in 1996 spending over €150m on the renovation and redevelopment of the 360-acre site which includes two championship golf courses. The resort became the hang-out for the super rich and celebrities.

Tiger Woods married his former wife Elin Nordegren overlooking one of the Sandy Lane courses in 2004.

It has emerged that Desmond's IIU investment company has agreed a joint venture deal with CRD group which will see more than $100m invested over the next three years in the construction of a "boutique ultra-luxury hotel within the 1,200 acres of the Grenadines Estate".

Construction work is also to start on the "Glossy Bay" marina on the island. Desmond is thought to be planning to turn the Grenadine beach island into one of the world's top luxury resorts.

Desmond's IIU owns a 50 per cent stake in the CRD development company.

The Bahamas-registered CRD transferred a 50 per cent stake to IIU in September of last year, according to company documents in the Bahamas.

Before Desmond emerged as a partner in the redevelopment of the Canouan luxury resort the project had suffered setbacks including the departure of a hotel management company.

Sunday Indo Business

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