CRD forms $100 million partnership with Desmond

A joint venture partnership has been agreed upon which will see $100 million being invested in Canouan over the next three years.{{more}}

Antonio Saladino, Chairman of the Canouan Resorts Development (CRD) group of companies, announced on Wednesday, November 3, that the partnership will embrace the CRD group and IIU (International Underwriting and Investment), a company formed by Dermot Desmond.

Desmond is “Chairman of, and a significant investor in, Sandy Lane Hotel, Barbados,” the release said.

“Mr. Saladino and Mr. Desmond have agreed a devised development plan for Canouan that will see in excess of $100 million invested in the island over the next three years, to include the building of a new boutique ultra-luxury hotel within the 1,200 acres of The Grenadines Estate, and the commencement of Glossy Bay Marina, on the southern part of Canouan.”

Raffles/Fairmont Resorts, which had managed the resort from 2004, ended their management contract on May 6, 2010. Since then, the resort reverted to ownership operation as Carenage Bay Resort.

Saladino commented, “I was not in a position to confirm my partnership with Dermot Desmond until today. I am delighted that our negotiations have now been concluded and confident that Dermot brings unique business acumen to the Canouan project which will ensure its continued growth and stability.”

The release quoted Desmond as commenting, “I am delighted to have entered into this partnership with Antonio. I share his vision that Canouan can become one of the world’s premier resort destinations, and I hope that I can play a part in helping to deliver on that vision together, with the excellent team at CRD.”

The resort, which had been closed for seasonal closing since September, reopened about two weeks ago and employs approximately 300 persons.