Unfinished 600 Acre Development Site Golf & Hotel Sea-Front Resort Saint Lucia For Sale
Name: Westin had agreed to be operator – Le Paradis Beach, Golf & Marina Resort
Guide Price: US$29m – asset value when completed US$250m*
No. of Keys: TBA
The Opportunity: Le Paradis Beach, Golf & Marina Resort is a 608 acre multi-phased five star master-planned luxury destination resort on St. Lucia which is unfinished. Le Paradis project envisaged development in four phases but was unfortunately stalled in 2008, went in receivership in 2009 and Phase 1 was 52% complete.
Le Paradis development is located in Praslin which is on the south-eastern sea board of the island, about 20 minutes away from Hewanorra International Airport.
The Plan: Le Paradis elevations are from sea-level to 620-feet above sea-level. Every residence is guaranteed to have phenomenal vistas of the bay, marina or ocean.
The Award Winning, Upper-Upscale Marriott Westin Hotel and Resorts would be the Hotel-Operator for the Ocean Point and Ocean Reef Collection.
The Ocean Point and Ocean Reef Collection of Residences are Fully Furnished with Luxurious and Designer Furniture, Fixtures and Equipment.
608 lush and pristine acres of 5-Star luxury residences, amenities and services.
Troon Golf-managed signature course designed by Greg Norman. 18 Ocean View Holes on what is expected to be among the most photographed courses in golf….will need renewing.
Le Paradis’ golf clubhouse site 275-feet above sea-level and boasts breathtaking views of the bay, the marina, the residences, ocean and horizon.
A 42-berth Marina accommodating yachts up to 200-feet in length and a Luxury Marina Village will be part of Le Paradis’ second phase.
Nature trails and eco-tourism activities on the property and the surrounding areas.
Also in phase 2 (the “Sophisticated Phase”) will be, along with a 5-star Boutique Hotel, an accredited Wellness Medical Spa & a Commercial centre with upscale shopping boutique.
Current Position: Substantial construction and grading occurred, with records indicating over US$85,000,000 in expenditures. Grading for the golf course was completed but substantial erosion has occurred over time.
18 buildings of 3 & 4 storey heights in various stages of completion exist on the site. Four of which have been found structurally unsafe or questionable..
One “activities centre” block.
A large conglomerate structure housing the hotel project central facilities mainly on two floors.
Two wells with then proven production of clean water at 300,000 gallons per day are in place but have not been checked or serviced in years.
Tax concessions granted by the Saint Lucia Government remain in force.
The original resort was marketed on a condominium concept and that approval had been advertised as granted by the Government of Saint Lucia (GOSL) for several financial incentives including:-
a. Income tax and withholding tax exemption on rental income earned
b. Alien landholding licence fee waiver
c. Waiver of Income Tax
d. Stamp duty exemption
e. Vendor’s Tax exemption
Le Paradis is identified as a flagship development for the tourism industry of Saint Lucia.
This project is viewed as an important catalyst for economic development of the surrounding communities.
All utilities are either in the vicinity or adjacent. Final connections of the services will be
required after project completion and inspection. A sewerage treatment plant will be required.
All necessary approvals or waivers from the Development Control Authority, the
architectural, engineering and golf course designers can be readily obtained.
It should be noted that this project is on the East Coast – Atlantic side, whereas all the major resorts are on the West Coast…however Caribbean Galaxy Real Estate broke ground in January 2020 on two luxury branded, 250 and 80 rooms, all-inclusive resorts at Cannelles, just 15 km away on the South East Coast – ML
Main Photo: The area of Le Paradis, St Lucia, where the development is