Having closed the final phase of financing for the project, the team behind the Andaz Turks & Caicos Residences at Grace Bay is set to begin construction on the hotel "immediately."
Lead lender Alpha Technologies marks the final phase of financing on the project led by Vista Development. This milestone shifts the initiative to “shovel-ready,” with construction and deployment of the general contractor, BYD TCI Construction, slated to start immediately. “We are truly excited to have our contractor mobilized and to now see Andaz Turks & Caicos coming out of the ground,” Vista Development Construction Manager Steve McConaghy said in a statement.
An investor group led by John Zammit also came onboard. Zammit, a longtime Turks & Caicos resident and real estate developer, joined the board of directors and rounds out the management team with developers Matt McDonald and Jon Siegel.
When the property opens in late 2025, it will have 59 guestrooms and 74 residential units on the western end of Grace Bay Beach.
Andaz Turks & Caicos will be the island’s second luxury-branded resort and the first for the Hyatt Hotels portfolio. The project has surpassed $22 million in sales to date.