Belmond Ltd. has announced the purchase of the prestigious Cap Juluca luxury resort on the Caribbean island of Anguilla, British West Indies. Purchased for $84.6 Million the acquisition of the 96-key resort is expected to close by early June 2017.
Roeland Vos, president and chief executive officer, commented, “ I am delighted to announce the addition of the legendary Cap Juluca to the Belmond portfolio. This acquisition marks an important milestone in the execution of our 2020 strategic growth plan, which includes as a central component the expansion of our global footprint. Cap Juluca, which was designed and developed by Linda and Charles Hickox, has been synonymous with barefoot luxury since it opened in 1988. The exclusive resort complements our brand by offering an authentic escape to discerning guests, increases our presence in a location where our customers already travel, and enhances our positioning in the global luxury resort market.”
As one of the most recognized resorts in the Caribbean, Cap Juluca is a natural fit for the Belmond portfolio and we look forward to continuing the legacy the Hickoxes created nearly 30 years ago – Roeland Vos, President and CEO, Belmond LTD
Located on one of the Caribbean’s most beautiful beaches on the southwestern coast of Anguilla at Maundays Bay, the multiple award-winning Cap Juluca was voted the number one beach resort in the world in Andrew Harper’s Hideaway Report’s 2016 readers’ choice awards. Introduced in 1988 and quickly established as one of the top resorts in the Caribbean, the property features stylish Greco-Moorish architecture spread over two crescent-shaped coves. In addition to 96 keys, the resort features four restaurants and bars; an 1,800 square-foot pool; tennis courts and fitness center; a library and private screening room; and a full complement of watersports activities.
After planning and obtaining all necessary permits in 2017, Belmond expects to embark upon a renovation of the existing property and develop a further 25 new beachfront keys, bringing the resort’s total inventory to 121 keys after the 2018 season.
The comprehensive renovation of the existing property is expected to include the refurbishment of all 96 existing keys; improved food and beverage concepts; upgrades to the spa; and new and renovated public areas. Belmond expects to spend a combined approximate $36 million on the renovation and expansion projects, which it expects to complete by the end of 2018 with a total investment in the property is expected to be approximately $1.0 million per key.