Raffles International wins contract to manage luxury resort on Canouan Island, The Grenadines

Raffles International has signed a management agreement today with Canouan Resorts Development Ltd. to operate a luxury resort on Canouan Island in the heart of the Caribbean.

click on image for larger version

Named Raffles Resort Canouan Island, The Grenadines, the resort will be managed under Raffles International's luxury Raffles brand and will be part of its exclusive collection of luxury hotels, which includes Raffles Hotel, Singapore; Raffles Grand Hotel d'Angkor, Siem Reap; Raffles Hotel Le Royal, Phnom Penh; Raffles L'Ermitage Beverly Hills, Raffles Hotel Vier Jahreszeiten, Hamburg; and Le Montreux Palace, Montreux.

This management contract is the fourth which Raffles International has signed in five months. The contract for Raffles Resort Canouan Island, The Grenadines is yet another important step in furthering the Group's strategic objectives of expanding its geographical footprint and pursuing asset light growth in gateway destinations. With the addition of Raffles Resort Canouan Island, the Grenadines, the Raffles Hotels & Resorts portfolio expands to 12 hotels worldwide. The Group now has a global portfolio of 38 hotels in 34 destinations.

Raffles Resort Canouan Island, The Grenadines will be launched in the summer of 2004. It is set in its own private 1,200 acres of land surrounded by green hills, secluded white beaches and the sea of southern Antilles. Designed by famous Italian architect Luigi Vietti, this resort's one- and two-storey villas offer 156 luxurious accommodations with an ocean view.

click on image for larger version

Raffles Resort Canouan Island, The Grenadines will feature an 18-hole championship-grade golf course designed by Jim Fazio, a 929 square metre (10,000 square feet) luxury Rafflesamrita spa, private yacht mooring, a beachfront pool and jacuzzi, and four restaurants and bars. Near the resort and overlooking the sea is a European-style casino, which will be managed by a world-class casino operator. The Moorings Ltd has also since 2002 established its luxury charter boat operations on Canouan Island.

Canouan Island, in the heart of The Grenadines, is an unspoiled and virtually undiscovered island in the Caribbean. It is a few kilometres south of Mustique and about 177 kilometres (110 miles) west of Barbados, and provides for some of the best sailing grounds in the world. The Caribbean has an established and dynamic travel and tourism industry, supported by its central location in the Americas, its warm weather, cultural diversity and turquoise blue seas. According to the Association of Caribbean States, the number of tourists arriving into the Caribbean was 46.6 million in 2001 and 46.4 million in the first seven months of 2002.

click on image for larger version

Ms Jennie Chua, Chairman and Chief Executive Officer of Raffles International, said, "Raffles Resort Canouan Island is beyond a mere resort. It is truly a premier destination in itself and we are proud to include it among our Raffles International portfolio of hotels. This contract not only gives us an excellent opportunity to be in such a vibrant resort market as that of the Caribbean, but it is also in line with our strategic objectives of expanding our geographical footprint and pursuing asset light growth."

Mr Antonio Saladino, Chairman of Canouan Resorts Development, said, "The signing of this contract with Raffles International Limited marks a new and critically important phase in the development of Canouan Island as a major Caribbean destination. Raffles brings to Canouan a gold standard product known for exceptional service, luxury accommodations that cater to a discriminating and affluent clientele and a reputation for hotels ranked among the best in the world. We are proud to have Raffles join us in making Canouan one of the Caribbean's top luxury destinations."

In the past five months, Raffles International signed three management contracts in Japan and Thailand to manage Swissôtel Nankai Osaka, Nai Lert Park Bangkok and Raffles Resort Phuket respectively.

Canouan Resorts Development Co.

Canouan Resorts Development Ltd. ("CRD") is Canouan Island's project developer and owner of Raffles Resort Canouan Island, The Grenadines. In addition to joining forces with Raffles International Limited, CRD has assembled a team of other highly experienced professionals in hotel and residential development to develop the island of Canouan as a new, top luxury Caribbean destination. In 1990, CRD contracted a 99-year lease with the government of St. Vincent and the Grenadines for 1,200 acres on the northern end of Canouan Island to develop a resort, golf course and residential real estate. CRD began developing Canouan's resort and golf course in 1994.

CRD is also the owner of CCA Ltd, a construction and utility subsidiary which has handled the island's construction and maintenance operations for the past nine years. CRD is the principle shareholder of Canouan VIP Entertainment Ltd, the owner of the casino and the major shareholder and manager of Canouan's 48-room Tamarind Beach Hotel and Yacht club. CRD was founded in 1990 by Swiss-Italian banker, Antonio Saladino.