Virgin Islands Resort Acquired by Wyndham Vacation Ownership
Wednesday, February 28, 2007
Wyndham Worldwide continues aggressive growth plan.
Empty and ignored, The Grand Beach Palace in St. Thomas, Virgin Islands, has not lived up to its palatial name for quite some time. Wyndham Vacation Ownership (Wyndham Timeshare) recently purchased the 290-room resort from the Palms Resorts Holding Company and now plans a $40 million transformation on the property. Originally developed in the 1980’s, the hotel has sat empty for more than two years. When complete, the new timeshare vacation resort will offer 143 residence condominiums.
The property, which includes 13 buildings, encompasses 25-acres along the beach and is roughly one mile from the Wyndham Sugar Bay Resort and Spa. Lisa Burby, senior director of Wyndham Vacation Ownership, was quoted in Commercial Property News (www.cpnonline.com) as saying, “St. Thomas is an extremely popular destination for our owners.”
The purchase price was reportedly $31 million. Wyndham Vacation Ownership, is a member of the Wyndham Worldwide corporation, which has a portfolio of 140 resort properties in North America and the South Pacific. The official new name of the island resort (expected to reopen in 2008) has yet to be announced.
The Virgin Islands are classified as an unincorporated territory of the United States and were purchased by the United States in 1917 as part of a defense tactic to increase US control over the Caribbean and the Panama Canal. Remember that, when you plan your timeshare vacation in the US Virgin Islands, no passport is required of US citizens visiting or returning from this destination.