$350M Investment Planned in the Caribbean

GRENADA—Joyau des Caraibes Ltd, owner of Silversands Grenada, has acquired Port Louis Maritime Village and the undeveloped lands at Mount Cinnamon resort—two properties on the Caribbean island of Grenada.

Joyau des Caraibes (JDC) has an overriding objective to establish Grenada as a leader in the luxury hospitality industry and attract new visitors to the island, while ensuring the protection and preservation of Grenada’s natural beauty, charm and culture, according to the company. The acquisition of Port Louis Maritime Village and lands at Mount Cinnamon is key to the plan, with measures in place to develop these iconic properties through responsible building methods.

Naguib Sawiris, JDC chairman, said, “Our experience in Grenada has been overwhelmingly positive, and we are proud to continue our investment in these challenging times. This would not have been possible without the support of the Grenadian government and the genuine warmth and sincerity of its people. We are incredibly grateful to them for trusting JDC to oversee the development of these important properties.”

The company will invest approximately $350 million to develop environmentally friendly facilities, including four five-star hotels, a spa, exclusive residential villas, food and beverage outlets, retail and an entertainment hub on Port Louis Marina. Masterplans for the developments are in varying phases of completion, with the groundbreaking of the first development on Mount Cinnamon expected to be in 18 months.

At least 1,500 new job opportunities will be created in the new hotels and related facilities management and operations in addition to the ancillary job opportunities anticipated in related and supportive service and construction industries.

Sawiris added, “Our investment plan’s key focus over the coming four to five years is to increase Grenada’s hotel inventory by approximately 400-500 rooms plus all the associated amenities and facilities, including restaurants, spas, entertainment and retail outlets targeting a wide array of tourists segments. This should in turn result in an increase in the much-needed airlift to Grenada, which is the cornerstone [to a flourishing]tourism industry.”