Luxury hospitality and travel operator Belmond has reached an agreement to buy Cap Juluca, a 96-room luxury resort on the Caribbean island of Anguilla.
The deal is worth about $84.6 million and includes 250,000 square feet of additional vacant beachfront land.
Belmond says it plans to spend a further $36 million on renovation and expanding the resort with an extra 25 units, which it expects to complete by the end of 2018.
It will be rebranded as Belmond Cap Juluca.
The resort is known for its distinctive Greco-Moorish architecture and currently features four restaurants and bars, a pool and tennis courts.
It will be Belmond’s third hotel in the region and joins Belmond La Samanna on the neighboring island of St Martin and Belmond Maroma Resort & Spa in Riviera Maya, Mexico.
The company calls it an ‘important milestone’ in the strategic development of the Belmond brand, which it is committed to doubling the size of its portfolio by 2020.
