Cay Clubs Resorts & Marinas said today that it has agreed to purchase Walker’s Cay Island, its first international property, in the northeastern Bahamas for an undisclosed amount. The company plans to close the deal at the end of June.
Situated at the north end of the Abacos and about 100 miles east of West Palm Beach, the 69-acre Walker’s Cay includes the 71-room Walker’s Cay Hotel & Marina. Because of damage from Hurricanes Frances and Jeanne, the Walker’s Cay Hotel has been closed since 2004. Cay Clubs plans to renovate the hotel and island by adding cottages, town-homes and several-hundred hotel rooms.
“Some of the buildings on the island will be renovated and re-opened, some will be demolished and new buildings will be built,” a Cay Clubs spokesman told CPN. “But there will be a new and improved Walker’s Cay Hotel as part of that complex.”
Additionally, the spokesman said Cay Clubs will partner with IMG Academies to add programs for boating, fishing and Scuba diving.
The company plans to reopen Walker’s Cay in 2007. “It’s not clear yet how much the renovation cost will be, but it’ll be a significant investment,” noted the spokesperson, adding that Cay Clubs does not have any specific plans to expand internationally but are open to future international projects.
By Elena Gontar, Staff Writer
www.cpnonline.com
