Hyatt Hotels and its construction and investment partners have officially broken ground on Andaz Turks & Caicos Residences at Grace Bay, the hotel operator’s first Andaz-branded resort on the Caribbean Island.
The 5.5-acre project was previously slated to open this year but will now open to residence owners and guests in late 2025. Andaz Turks & Caicos just secured its final round of financing, allowing shovels to immediately hit ground of the new luxury property.
“We are truly excited to have our contractor mobilized and to now see Andaz Turks & Caicos coming out of the ground,” said Steve McConaghy, the construction manager for Vista Development Inc., the real estate development company leading the project.
The high-end resort will have 59 hotel rooms and 74 residences on the Grace Bay Beach oceanfront. Amenities will include a spa, exceptional dining options, a wellness facility, and more. Its main investors are Alpha Technologies Inc. and an investor group led by John Zammit, a longtime Turks & Caicos resident and real estate developer who is also on the project’s board of directors.
“Having lived and worked on the island for 26 years, I can say this is one of the most exciting developments in decades,” Zammit said. “It is a complete game changer, offering a new take on contemporary luxury lifestyle accommodations and residences, while offering the upscale amenities and guest services that the Andaz brand is so well known for.”
“We are thrilled to have Alpha Technologies Inc. and the Zammit group joining the Andaz Turks & Caicos team,” said project developer Matt McDonald, co-founder of Vista Development, Ltd.
Jon Siegel, partner and chief financial officer, adds, “with their combined expertise and decades of experience living and working in Turks & Caicos, they are the absolute best partners to help bring our vision to life.”
According to the team, the new property is of high interest as only the second luxury-marketed resort on the island and has sold more than $22 million in real estate so far. The project is one of several additions to the Turks & Caicos tourism scene in recent years.
“By investing in this project, we are investing in Turks & Caicos,” said Fred Kaiser, founder of Alpha Technologies Inc. “We are dedicated to carefully choosing thoughtful partners, and we are confident Andaz Turks & Caicos will build upon the island’s rich history and deliver unparalleled experiences for longtime visitors and future generations of travelers and residents.”
There are about 14 Andaz properties worldwide, and Hyatt operates two other hotels in Turks & Caicos.