The Ritz Carlton Resort in Turks and Caicos has suffered a stall and set back in the completion of its development and construction. Until now, plans to resume construction have been on hold. The stall in the project is reported to be due to the collapse of its original financial source, Leman Brothers, one of the United State's high-profile financial crashes which has caused reverberations around the world. A lesser cause of delay is said to be the result of a local dispute between building contractors and workers on the project. The construction site of the Ritz Carlton, located on the West Caicos Island, has sat unattended for months.
Turks and Caicos Sun News is reporting that the Ritz Carlton development could be back on track soon due to renewed discussions from foreign investors. The developer of the project, Logwood Development, has been cautious to confirm any plans to resume the development of the resort. However, it appears to be a promising prospect.
This is welcome news for the Turks and Caicos Islands which has suffered from some political uncertainty since the retaking of its government by Great Britain on August 14. The current British government has been criticised for failing to be more welcoming to foreign investors and developers. Tourism is the island's main source of economic dollars.
Recent events for resort developments in the islands has been grim, starting with the stalled Salt Cay project. This month, the posh Nikki Beach Resort was closed and is currently in receivership.
Several developments have been under attack by local blog activists on TCI Journal. Some say that this is due to crown land entitlement for islanders while others say that they attack developers for their failure to employ enough Belongers (islanders), while still others speak of their attacks as politically motivated.
Despite the recent politcal strain, Turks and Caicos Islanders are eager to get tourism back on track and are pushing for the government to properly incentivize foreign investors and developers. The main focus now is to help create jobs and stimulate the economy to create some certainty for the islands.
Other good news for Turks and Caicos has been the announced expansion of the Beaches resort. Furthermore, the development on Dellis Cay appears to be in the finishing stretch. A spokesman for the Dellis Project has publicly debunked rumors of financing trouble.
If all goes well with foreign investment dollars for the Ritz Carlton in West Caicos Island and other resorts getting off the ground, Turks and Caicos will be seeing a job influx and more tourism in the near future. This is the kind of news that puts Turks and Caicos citizens at ease, as well as investors.
So close to completion is this exclusive Ritz Carlton Resort that its website is already up and running.