Republic Bank has provided a US$34 million senior term loan as part of a US$80 million investment in the Royalton Grenada Resort and Spa located on two white-sand beaches in Tamarind Bay, Grenada.
The loan was arranged by the Investment Banking Division of the Republic Bank Group. The Royalton Grenada is scheduled to commence operations in March 2020 offering guests the option to stay at any of its 212 luxury rooms or 49 Diamond Club luxury suites.
The hotel will be managed and operated by Blue Diamond Resorts as part of a newly formed strategic alliance with Rex Resorts, the former owners and operators of The Grenadian Hotel.
Blue Diamond Resorts, the hotel division of the Sunwing Travel Group, currently manages more than 16,000 rooms in 46 resorts located in 10 countries throughout the Caribbean and Mexico.
Sunwing Travel Group announced last year that Blue Diamond Resorts would begin operating six Rex Resorts across the Caribbean including in Antigua, Barbados, Grenada, Tobago and two properties in St. Lucia.
Sunwing expects to invest significant capital over the coming years in these jurisdictions to renovate and upgrade these properties to the brand standards of Blue Diamond Resorts.