Grace Bay Resorts to Manage The Veranda Resort and Residences

Grace Bay Resorts will manage The Veranda Resort and Residences when it opens Thanksgiving 2009.

Grace Bay Resorts, the company behind the four-diamond-rated Grace Bay Club, has created a new property management division entitled “The Collection.” Properties such as The Veranda will be managed under this division by Grace Bay Resorts, but will retain their proprietary identities.

“The Veranda is a unique property that has enormous potential and we are honored to be selected as the operator for this resort,” said Mark Durliat, chief executive officer of Grace Bay Resorts.

The 10-acre resort on Providenciales boasts more than 700 feet of ocean frontage along world-renowned Grace Bay. Along this stretch of frontage are the island’s only private beachfront homes, each enjoying their own private pool. The resort also features 126 beautifully appointed residential units available in studio, one, two and three bedrooms.

Some of the premier amenities found throughout the property include:
– Two oceanfront restaurants offering elegant and casual dining experiences
– An outdoor lounge and contemporary bar
– An Asian-inspired wellness center, spa and fitness facility secluded in a lush Zen garden
– A dedicated conference center of approximately 1,700 square feet
– Dedicated kids club
– Concierge, lobby, library and business center
– Tennis court

The Veranda and Grace Bay Resorts partnership signals a commitment to positioning the resort as a premier destination, as well as contributing to the Turks and Caicos growing position in the global luxury market.

About Grace Bay Resorts
Mark Durliat & Nikheel Advani, the celebrated hoteliers behind the renowned Grace Bay Club in Turks and Caicos, partnered with Denver-based SV Capital to form Grace Bay Resorts in early 2008. Their goal is that, within the next few years, Grace Bay Resorts will expand its award-winning brand to 10 other Caribbean and Latin American destinations through its new division, The Collection.

Please visit www.verandatci.com for more information.

Provo Ready to Experience The “New” Veranda for Thanksgiving 2009

Faez Limited, a Turks and Caicos-registered company that acquired the partially completed Veranda Resort and Residences on Grace Bay, is pleased to announce that the 10-acre site is on schedule to open Thanksgiving 2009.

Guiding the project to completion is the team of Ronald D. Sutherland, president of The Hemisphere Group, and Jeffery A. Lee, senior partner of Lee and Astwood Architects. Both have extensive experience with some of the finest resort and residential properties in the Caribbean basin. The group is bringing this time-tested success to The Veranda as they look to Provoke™ passion, imagination and unforgettable memories for every guest and resident.

The group upgraded every element of the resort’s interiors, furnishings, common areas and landscaping. It has also prioritized the design and construction of a unique Asian-themed spa and the 200-seat signature beachfront restaurant, bar and grill that will be the centerpiece of the property. These amenities will blend in with The Veranda’s New-England-seaside-village architectural style, unique to the Caribbean.

The project is being built under a construction management contract with local TCI firm Fountainhead Construction whose extensive expertise includes building Donna Karen’s home on Parrott Cay. The Veranda, the country’s largest private construction project, currently employs 175 workers. Once open, The Veranda Resort will continue to provide a wide range of employment opportunities to many Belongers.

About The Veranda:

The Veranda boasts eight three-story private beachfront homes and 126 beautifully appointed residential units available for purchase as studios, one, two and three bedroom condominium units. Guests and residents of The Veranda will enjoy a wide range of activities such as excellent golf, world-class fishing, sailing, nature hikes, scuba diving and snorkeling.

The Veranda will announce the selection of its operating and management company in the very near future.