Articles

DISCOVERY AT MARIGOT BAY
A TOURISM INVESTMENT MODEL

Plans for the luxurious Spa and Marina resort were unveiled in late January this year and many of the 13 apartments sold since then have been snapped up for their investment potential. Designed for indoor/outdoor living, the apartments convert into 111 hotel units, comprising a mix of two-bedroom suites, one-bedroom suites and conventional hotel rooms. The net profit from lettings to hotel guests will be shared between apartment-owners and the hotel on a 50/50 basis. Doubloon guarantees owners a minimum 6% cash return for the first two years. Adding the value of 6 or 7 weeks free use each year for owners generates a composite return of over 11% - outstanding in today’s investment climate.

According to Mr. John Verity, Managing Director of Discovery at Marigot Bay, interest in Discovery, this new Apartment Hotel Resort, has surpassed all expectations. "Clearly we have a winning formula," said Mr. John Verity, Managing Director. "A unique investment with a lifestyle bonus in one of the most desirable destinations in the Caribbean” With an average selling price to date of around US$400,000, Discovery proves there is a market in St Lucia for high quality projects. Prices have increased once and are scheduled to increase again before construction starts in early June,2003.

Unique Opportunity for St Lucians to invest at original price

So far none of the investors have been St Lucian. “St Lucians are encourage to invest in this unique offer within the tourist industry”
As a special incentive to local Investors, the Developers are offering one apartment at the original price to the first St Lucian National or group of Nationals making a deposit before the end of April, 2003”

The Discovery Developers expect this unique offer to stimulate local interest in the resort. The starting price for a large, fully fitted and furnished 2 bed apartment has already risen from US $325,000 to US $340,000 and the magnificent 3 bed units have gone up from US $465,000 to US $511,500. Interested St Lucian investors who would like to purchase at the original price should contact the Discovery Information Centre – next to St Lucia Reps - at the Scotia Bank Building in Rodney Bay (Tel: 458 0790). This is a unique opportunity for St Lucians to take a direct investment participation in the mainstream of the island’s own tourist industry. A common complaint in St Lucia is that all the hotels are built and owned by foreigners and the majority of the profits go overseas. The Discovery Apartment Hotel concept offers St Lucians a return on investment directly linked to the success of the hotel, together with six or seven weeks personal use of their own stunning property – for themselves or visiting friends.

Extract from a Press Release dated March 21, 2003

Discovery has also been accepted for membership of The Worlds Finest Resorts, an exclusive club for up-scale resort properties. Owners of Discovery Apartments can take all (or part) of their own-use entitlement each year in any of over 50 luxury resorts worldwide.

Work on the new Discovery resort starts in June, 2003 on the site of the former Hurricane Hole Hotel overlooking Marigot Bay,