Dubai-based Range Developments is renewing its search for funding for its Park Hyatt St. Kitts project in the Caribbean, due to open in 2015.
The funding scheme will see investors of at least US $400,000 given citizenship of the island for themselves and their family, allowing visa-free travel to 139 nations.
The hotel will be completed in three phases – the first of which will need 375 investors, and will see 125 guestrooms, two F&B outlets, a fitness centre, a 12-treatment room spa, and more than 7,000 square feet of meeting and banquet space being opened in 2015.
The second phase will see the completion of another 75 guestrooms, and a third F&B outlet, with Dewan Architects in charge of the design.
Hyatt will then open 50 branded condominiums in the final stage, while the development as a whole will also include a Tom Fazio-designed 18-hole golf course, a beach club and a 300-acre super yacht marina and marina village.
Range Developments vice chairman Mohammed Asaria said: “The proceeds of the sale of these investment shares will be used to fund the development of Park Hyatt St.
“Kitts. St. Kitts, after careful due diligence on an individual’s background and economic contribution of a minimum of $400,000 to the country awards an individual and his near and dear citizenship. Acquiring an investment share in the hotel project will not only provide you with a yielding investment opportunity but provides you eligibility for citizenship of St Kitts,” he added.
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