Canouan Island Plays Its Trump Card --Donald Trump Joins Raffles Hotels in the Development of Canouan Island as a Luxury Destination--.
NEW YORK--(BUSINESS WIRE)--Nov. 21, 2003
Donald J. Trump and Canouan Resorts Development, Ltd. (CRD) have announced that Mr. Trump will be developing luxury villas and estate properties on Canouan Island, and Trump Hotels & Casino Resorts, Inc. (NYSE:DJT) (THCR) will manage the operations at the island's casino. This is the latest in a series of Canouan Island announcements regarding the team of high-profile partners coming together to create the Caribbean's newest luxury leisure destination.
Canouan Resorts Development (CRD), the island's project developer, contracted a 99-year lease with the government of St. Vincent and the Grenadines for the development of 1,200 acres on the northern end of Canouan Island and began development in 1994.
With the signing of contracts for both the casino and real estate development, Trump has officially joined the Canouan conglomerate in turning the island into a major, multi-faceted vacation spot that will attract sophisticated, international travelers. Last month, CRD announced its management agreement with Raffles International Ltd. to operate the island's 156-room luxury resort, formerly known as Carenage Bay. The resort is scheduled to re-open in mid-2004 as the Raffles Resort at Canouan Island, The Grenadines.
The casino management agreement will represent the first gaming operations of THCR in the Caribbean. "It's great to be branching out into the Caribbean" stated Trump, "I'm pleased to have the opportunity to participate in making Canouan the Caribbean's next major vacation destination."
Trump's real estate project on the island will entail several phases beginning with the development of 15 custom-built Estate Villas and 10 Golf Villas along the Jim Fazio Championship Golf course at the Raffles Resort. THCR will operate the exclusive international club-style casino in the Villa Monte Carlo, a separate structure on the resort's property. The casino will offer a full array of table games expected by international travelers at a world-class resort, in elegant surroundings.
The Villa Monte Carlo will also house an upscale restaurant and ballroom. When all phases of the project are completed, Canouan Island will have a total of 30 Golf and Beach Villas, 18 Monte Carlo Villas, 20 Marina Villas and 67 Estate Villas. The Golf, Monte Carlo and Marina villas will be pre-designed and pre-furnished. The Estate Villas will be custom designed by the individual owners. Villa owners may also place their homes in a rental program. Phase One of the real estate project is scheduled to begin sales in the summer of 2004.
"We are very pleased Mr. Trump has agreed to join us in this venture," said Mr. Antonio Saladino, the Swiss banker, Chairman of Canouan Resorts Development. "To create one of the Caribbean's best luxury islands, we have sought out the best of the best in their industries. We now have Raffles International on-board -- one of the top hoteliers in the industry -- to manage the island's luxury resort. American Airlines is already established with Canouan as part of its network, and for the best sailing facility, we sought out The Moorings as one of the top charter-yacht companies in the world. They joined us on the island last year and Canouan is already their third largest base in the Caribbean. When looking for the top people in real estate development and casino management, we naturally looked to Mr. Trump as the best for the job."
Unspoiled and virtually undiscovered, Canouan is one of the Caribbean's most up and coming luxury destinations. Located in the heart of the Grenadines, less than 20 miles south of Mustique and 110 miles west of Barbados, the three square-mile island is surrounded by small bays and coves, secluded white sand beaches and one of the Caribbean's largest coral reefs, offering incredible diving and snorkeling. A short distance from the Tobago Cays in the southern Caribbean, Canouan's enviable location also provides some of the best sailing in the world. For more information regarding Canouan Real Estate, please contact Charles Reiss or Jill Cremer of The Trump Organization at 212-832-2000. For more information regarding the casino operations by Trump Hotels & Casino Resorts, Inc., contact Scott C. Butera, Executive Vice President, THCR, 212-891-1500.
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|Date:||Nov 21, 2003|
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