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January 13, 2010

Grace Bay Resorts to Manage The Veranda Resort and Residences Opening in February 2010

By Pardhasaradhi Gonuguntla

Providenciales , Turks and 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.

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 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.

“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.”

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