The next 5-star beach resort to open in Grenada, Kimpton Kawana Bay, has announced the much-anticipated launch of its final units for sale, in the Kiawah building which is the last phase of the project to be built. With over 70% of units sold or reserved, the resort is at an advanced stage of construction on a prime site on Grand Anse Beach, voted by CNN and Condé Nast Traveler as one of the best beaches in the world. The developer has broken ground on the final phase of the hotel, and is now launching sales of the remaining 12 suites and studios that have been added to the Kiawah building.
Sales of the last units in the final phase Kiawah building have now launched
The additional deeded real estate units will be available from USD220,000 through the Grenadian Citizenship by Investment (CBI) programme, which was recently voted the best CBI/residency programme on the market by Best Citizenships.
“These 12 additional suites and studios are the last units for sale in the final phase. The Kiawah building will have spectacular panoramic views of the Caribbean sea, as well as the rainforest mountain range from its prime elevated position”, comments Warren Newfield, Principal and developer of Kimpton Kawana Bay.
After careful consideration of the likely long term impact on leisure travel, brought about by the COVID-19 pandemic, and in consultation with the leading Caribbean hospitality consultancy firm, MacLellan & Associates, it was decided not to proceed with construction of the Rekawa building but to rather add an additional 12 units to the Kiawah building in order to achieve the appropriate room mix for the optimal functioning of the resort.
Hitting the “sweet spot”
The decision to re-configure the resort to 163 keys from the 220 planned, provides a number of positive aspects. The new design, with fewer rooms, reduces guest density in public areas and will emphasise the boutique style of the resort, as well as provide for a more personalised service. With fewer hotel keys, the resort is expected to achieve a higher occupancy and room rate, the all-important drivers for operating success.
“The boutique hotel market segment has consistently represented the ‘sweet spot’ in the Caribbean’s hospitality industry for the last two decades. Boutique hotels have traded steadily, even during economic downturns, and they have recovered faster than larger resorts, as market conditions improved. Their higher room rates and steady occupancy levels provide the best “cushion” between revenue and operating costs to produce consistent levels of profitability. A medium sized boutique hotel – supported by powerful international marketing, reservations and guest loyalty systems – is arguably the best concept for investment in Caribbean resorts”, explains Robert MacLellan, Principal at MacLellan & Associates, of the leading hospitality consultancy firms in the Caribbean.
The resort will be operated by Kimpton Hotels & Restaurants, part of IHG (InterContinental Hotels Group). IHG is one of the world’s leading hotel companies with more than 5,700 hotels globally in almost 100 countries. The reach and scale of IHG will allow Kimpton Kawana Bay to leverage powerful distribution channels through IHG’s world-class platforms and agent networks.
On-site construction has re-commenced
The Grenadian Government was able to contain the spread of COVID-19 by implementing effective lockdown protocols early on. This swift action meant the rate of infection remained low, with no deaths, and the country has started to ease back to normality with a view to minimise economic loss. This fortunately enabled construction at Kimpton Kawana Bay to re-commence on 25th May, albeit on a limited basis and under strict health and safety measures. Currently, Kimpton Kawana Bay is the only CBI project in Grenada that has resumed construction activity.
Kimpton Kawana Bay is the leading government-approved CBI project in Grenada, accounting for 54% of all section 11 real estate CBI applications in 2019. Interest and sales of units at Kimpton Kawana Bay during COVID-19 have continued at record high levels. In fact, the improved efficiency of the Grenadian CBI Unit has meant that application processing capacity has increased and approval times have reduced in recent months.
Should the high level of interest for CBI investment continue, the intention of the developer is to proceed with a second Grenadian CBI project, currently in planning, and which will be announced closer to the completion of the Kimpton Kawana Bay project.
As always, should you have any questions or would like to speak further, please feel free to contact me by email at firstname.lastname@example.org or by phone at 1 473 409 2500.
Director of Sales
Interested in contributing a sponsored feature? Email us on email@example.com and see all our promotional options here.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 14 years in the United States, China, and Spain.