Belmond has signed an agreement to acquire Cap Juluca on the island of Anguilla in the British West Indies.
The group said buying the luxury 96-room resort marks an ‘important milestone’ in the strategic development of the Belmond brand, which is committed to doubling the size of its portfolio by 2020.
Upon completing the acquisition towards the end of this month, the company will immediately operate Belmond Cap Juluca.
It will be its third hotel in the Caribbean and joins Belmond La Samanna on the neighbouring island of St Martin and Belmond Maroma Resort & Spa in Riviera Maya, Mexico.
After Christmas, Belmond plans to carry out a ‘top to toe’ renovation and develop a further 25 new beachfront villas or suites.
The refurbishments are expected to include interior furnishings of all suites and villas, the introduction of new culinary concepts, enhancements to the spa, and new and renovated public areas.
Belmond expects to complete the work by the end of 2018 at a total cost of $121 million, including the acquisition.
