Republic Bank will invest US$80 million to develop the Royalton Grenada Resort and Spa in Grenada beginning with a US$34 million senior term loan.
The senior term loan will be provided to build the 212 luxury rooms or 49 Diamond Club luxury suites property on two white-sand beaches in Tamarind Bay, which is scheduled to begin operations in March 2020.
According to the Republic Group, whose Investment Banking Division arranged the loan, the hotel will be managed and operated by Blue Diamond Resorts under a partnership with the Rex Resorts which formerly operated The Grenadian Hotel.
“The hotel will reopen as the Royalton Grenada in March 2020. Royalton is the number one all-inclusive hotel in the world, so the number one all-inclusive hotel is coming to Grenada.”– Sunwing Travel Group CEO, Stephen Hunter
Blue Diamond Resorts is the hotel division of the Sunwing Travel Group and manages more than 40 resorts across 10 countries in the region.
Sunwing Travel Group CEO, Stephen Hunter, said “The hotel will reopen as the Royalton Grenada in March 2020. Royalton is the number one all-inclusive hotel in the world, so the number one all-inclusive hotel is coming to Grenada.”
Meanwhile, Managing Director of Republic Bank Grenada, Keith Johnson, said “The Royalton brand has received various awards including being voted the Best All-Inclusive Resort in the Caribbean and the world. We are excited to welcome the Sunwing Travel Group to Grenada.”
It was revealed by Sunwing last year that Blue Diamond Resorts will operate six Rex Resorts across the Caribbean including in Antigua, Barbados, Grenada, Tobago and two properties in St Lucia.
Republic Financial Holdings, which owns Republic Bank (Grenada) is headquartered in Trinidad and Tobago and has an asset base of US$14.5 billion subsequent to its acquisition of seven Scotiabank operations in the Caribbean in October.