Luxury resort Cap Juluca in Anguilla has been on the market for more than a year now and recently announced that it finally has a buyer.
Belmond, Ltd. announced that it has signed agreements to acquire Cap Juluca, a luxury beach resort on the Caribbean island of Anguilla, British West Indies.
The addition of the 96-room resort marks an important milestone in the strategic development of the Belmond brand, which is committed to doubling the size of its portfolio by 2020.
Upon completing the acquisition towards the end of May, the company will immediately operate Belmond Cap Juluca and will be ready to welcome VIPs.
Belmond expects to carry out a top-top bottom renovation of the resort at the end of the 2017/2018 festive season, including the development of 25 new beachfront villas or suites, bringing the resort’s total inventory to 121 rooms.
The renovation will also include interior furnishings of all suites and villas; the introduction of new culinary concepts that celebrate the local food culture; enhancements to the spa; and new and renovated public areas.
After the refurbishment, which is expected to be completed by the end of 2018, Belmond will have invested roughly $121 million in the acquisition and subsequent renovation and expansion of the resort.
In July of last year, the owners of Cap Juluca issued a written statement informing travel media that they were exploring the idea of selling the resort.
In November of 2011, it was reported that Cap Juluca was facing auction of some of its assets. According to that report, the owner of the property, Adam Aron, had reportedly failed on his payment to the previous owner Charles Hickox at the end of July and still owed some $67 million.
After shutting down briefly, Cap Juluca reopened under the original ownership of the Hickox family on November 15, 2012. Since taking the property back over, the Hickox family has invested more than $12 million into the property, as of July of last year.
“I am thrilled to announce the addition of the legendary Cap Juluca to Belmond," said Roeland Vos, Belmond's president and CEO, in a news release. “Our third hotel in the Caribbean builds upon our heritage of creating exceptional travel experiences in extraordinary locations.”
Belmond was established 40 years ago with the acquisition of Belmond Hotel Cipriani in Venice and now owns and operates 48 hotel, rail and river cruise experiences in many of the world’s most popular luxury destinations.
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