St. Lucia's Jalousie Plantation Gets New Investors

Vacation News » Vacation & Leisure Real Estate Edition | By Kevin Brass | August 30, 2010 10:58 AM ET

A new investment should jumpstart a luxury project on a secluded cove on the Caribbean island of St. Lucia.

The funds from a British consortium headed by A-list developers Anthony Lyons and Gary Wilder will be used for the $100 million renovation of the Jalousie Plantation, one of the island's revered properties. The new hotel will be rebranded as the Tides Sugar Beach and operated by the Viceroy Hotel Group, owner of The Tides brand.

The project occupies a special spot in the Caribbean, a small jungle-surrounded bay underneath St. Lucia's postcard-perfect twin peaks, the Pitons, a UNESCO World Heritage site. Far removed from the bulk of the island's development on the north coast, Sugar Beach is outside Soufriere, St. Lucia's most picturesque town.

The Jalousie Plantation traces its roots to an 18th century sugar plantation. The redevelopment was originally announced in 2008, including vacation homes for sale. At the time, plans called for 85 buy-to-let villas with a reopening planned for 2010.

Now a "relaunch" is scheduled for 2011, thanks to the London group's investment, which was only described as "substantial." Lyons and Wilder have a long list of credits on their resumes, including involvement in the O2 centers and redevelopments projects in Earl's Court

Project owner Roger Myers will remain as chairman and majority shareholder, according to a statement. Myers, who made a fortune in the restaurant and tavern business in the U.K., now lives in St. Lucia and is "exclusively focused on the development of Sugar Beach."

In addition to three new restaurants, four bars and a scuba shop, the Tides Sugar Beach will include 64 one- and two-bedroom hotel villas priced from $700,000 to $2.1 million, offered as freehold properties. Forty-six houses with up to six bedrooms are priced at $2.4 million to $9 million.

The one and two bedroom villas are already "operational," and the hotel will stay open through April, when it will close for renovations, according to a project spokeswoman. Construction on the residences will start this fall, she says.

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