We discussed a micro resort being developed in the Turks and Caicos a while back, so we thought we would check in to see how things were progressing. This phase of the Gansevoort Villas will be 6 villas, with 2 already complete. The Gansevoort is a great example of the type of financing requests we see here in the Caribbean, multiple villas on a subdivided piece of property. Small development financing is not as hard to achieve as you might thin
Why Micro Resorts are So Popular in the Caribbean
Small to mid sized resorts allow a smaller developer who may not have access to large amounts of institutional money, compete in the competitive space of vacation property development. Micro resorts offer a completely different vacation experience than your typical hotel, in a word, privacy. This differentiator is all the rage for vacation goers today in many high end Caribbean destinations.
These projects allow for excellent returns (when done right), for both the developer and buyers of the villas, with a much smaller initial investment than you would need for a condo resort, which usually only make sense at a certain size and above.
The Success of Gansevoort Villas
After acquiring an extra lot beside the villas, the developer has added a 6th home to the development (originally there was only 5 villas for sale). Currently, there is only this one last villa that is not sold or on hold. The success can be traced back to the returns and experience that both owners and visitors alike will receive from this 5 Star management group on TCI. Although a very different experience than the Gansevoort Resort, none of the elegance or experience has been lost on this new expansion into the villa space.
Financing a Small Resort in Turks and Caicos
If you would like to discuss developing a small resort in the TCI, we would love to help! We offer both non prime and institutional money, taking the stress out of working with the local banks. We have lenders that want to help make your dream of building a development in the Caribbean!
