US$100m plan signed to redevelop Palm Island Resort and Anchorage
A complete redevelopment of the Palm Island Resort and Spa, and the Anchorage Yacht Club on Union Island is expected to inject some US$100 million into the Grenadines over the next 20 to 30 months.
On Monday, November 17, 2024 at Cabinet Room, Prime Minister Dr. Ralph Gonsalves signed an agreement with American investor, Zachary Bayman, who signed the agreement on behalf of Limestone and Palm Island Resorts Limited. It is is expected to see the redevelopment of these two tourism facilities.Both businesses suffered severe damage from Hurricane Beryl on July 1, 2024.
The project is being described as a “transformational” step for the Southern Grenadines, and it was noted that prior to the passage of Hurricane Beryl, the Palm Island Resort attracted repeat guests from around the world. The property had 45 rooms and suites, along with three private villas, while the company also operated the Anchorage Yacht Club and its world-renowned kite-surfing school in Clifton, Union Island.
It was noted on Monday that Hurricane Beryl damaged more than 60 percent of Palm Island’s infrastructure and as a result, owner James Lane sought new investment partners, eventually joining forces with Bayman.
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