The Wight Group Selects Fairmont to Manage a Luxury Resort Development
On the West Coast of North Caicos in the Turks & Caicos Islands
CHICAGO, Feb. 6, 2006 - The Wight Group announces that it has entered into an agreement with Fairmont Hotels & Resorts, Inc. to manage a master planned mixed-use luxury resort development on the west coast of North Caicos in the Turks & Caicos Islands. Working with their Belonger partners, The Wight Group has targeted 2009 for the resort opening. Fairmont will manage the 150-room resort, a 150-room condo hotel, several Fairmont branded residential developments, a Willow Stream spa and a championship golf course.
The commitment by the Turks & Caicos government to increase tourism in the region is key to the success of this project. Expanded international airport and harbor facilities are making the islands more accessible thereby making luxury development feasible.
"We are very pleased that this prestigious team will be investing in our Islands, and we expect significant economic impact for the region," commented Chief Minister Michael Misick regarding the announcement. "The Office of the Chief Minister and the entire administration worked diligently to bring Belongers, developers and the hotel partners together on North Caicos. As we expand our tourism industry, it is important to have partners who respect our environment, history and the fragile, natural beauty of our home. These companies have a strong, proven record of environmental integrity. The Wight Group's family-centric foundation of building a quality product combined with Fairmont's century-long tradition of excellence and elegance in the hospitality industry will be a wonderful showcase for our Caribbean lifestyle."
George Wight, Jr., lead development partner of The Wight Group added, "We have been seeking a hotel partner for this exceptional beachfront property and are pleased to be partnering with Fairmont. We know our future owners will demand the highest levels of quality, maintenance, and amenities which is why all the planned condos and single family homes will be branded 'Residences by Fairmont'. Owners and guests can be assured that the entire resort will be built and maintained to the highest standards, making this resort an ideal place to own a vacation home or investment. Coupled with the leading edge marketing tools developed by our strategic partnership with Wight Cotton, I believe we are well-positioned for our expansion in this exclusive market."
William R. Fatt, Fairmont's Chief Executive Officer, said, "Turks & Caicos is rapidly becoming a popular travel destination, and we are delighted to be a part of this expansion in the luxury resort market. The growth of our brand is leading to great partnership opportunities with experienced developers. The Wight Group brings a breadth of expertise in resort and residential development to this partnership and we are excited about additional opportunities being pursued as a result of this new relationship."
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