Marriott invests US $125 M to take over the Angelus

BASSETERRE, St. Kitts – AFTER much legal debate over the Angelus Hotel property, the St. Kitts Marriott Resort and Royal Beach Casino has been given the green light to expand its property onto the 15-acre plot for condominiums.

According to a press statement released yesterday (Apr. 17) by Century 21 Island Realty, the company exclusively responsible for representing and marketing the new product, the first phase of the expansion will encompass 10 acres of the former Angelus property and is estimated to cost in excess of US $125 million.

“Resort Acquisitions and Developments Ltd. is pleased to announce they have signed a Residential Marketing License Agreement with Marriott Worldwide Corporation thereby branding their new project adjacent to the existing St. Kitts Marriott Resort as the St. Kitts Marriott Condominiums,” the statement informed.

President of Operations for Century 21 Island Realty Daunesh Alcott said he is excited by the “investor-friendly climate” in St. Kitts, adding that the joint venture would significantly benefit both companies.

“The Marriott Condominiums, with all of its already-built amenities and impeccable reputation, will certainly be one of the most sought after residences for buyers who wish to live or invest in St. Kitts. I also believe that having the largest real estate company in the world, Century 21, affiliated with the Marriott Condominiums will be great for both organizations. It will really provide potential buyers with an extra level of comfort and security when purchasing these great condos,” Alcott said.

The new Marriott Condominiums are expected to complement the existing Marriott Resort with a “whole ownership” component, extending the fractional ownership programme offered by the Marriott Vacation Club. 

As recent as January of this year, Prime Minister Hon. Dr. Denzil Douglas had hinted that the resort would move to acquire the property, despite the matter being tied up in a controversial legal battle.

 “The plans for the Marriott Vacation Club International will include further expansion onto the site of the former Angelus Hotel,” Douglas said.

The acquisition of the Angelus Property has been the topic of many political discussions since former owners had been identified by the US Securities and Exchange Commission (SEC) as being involved in fraudulent practices. As the Government of St. Kitts-Nevis continues to see how best the matter can be resolved, investors in the hotel property have been aggressively seeking compensation for what they claim to be “unfair” treatment with regard to their investment.

When asked about the Angelus property, Attorney-General Hon. Dr. Dennis Merchant confirmed that the matter is still “tied up in litigation”, stressing that the legal intricacies of compensation to investors would be soon dealt with.

“In relation to the Angelus matter, it is a matter that is being dealt with. A board has been set up to deal with this very complicated issue. The Board is due to meet very soon to deal with this issue of compensation. Compensation has not been made yet, but that is for the Board to deliberate on,” Merchant informed.

The AG named retired judge Justice Mitchell and E. Glasford as two of the individuals appointed to handle the legal matter, but said he could not speak to the rest of the parties involved at this time.