Stan Hartling, CEO of the Hartling Group developed two premium condominium resorts: The Sands at Grace Bay, a full service condominium resort (pictured above) and The Palms Resort - a comprehensive, full service, five star development which was co-partnered with the Coxco Group.
Why are you successful?
Creating $155 million of developments in 5 years involves selling trust. Our customers are confident in our management as we have a history of exceeding their expectations. The Palms was fully sold out 9 months before complete construction and both properties have waiting lists for resale properties. There is clear confidence in the TCI market place as well.
What makes TCI a good location?
The market has been responding well to the high end, low density development with clients that want to show a long term commitment to the Islands. Unlike other destinations, visitors can depend on great amenities, yet still take a 10 minute trip and find a place or Island that is unique and untouched. There is a sound political environment and we have been encouraged by the supportive and proactive approach by the Government to investors. My first point of call was TCInvest.
They provided advice and support in developing our plans.
Tourism is the engine that drives the Turks and Caicos Islands economy. From relatively recent development in regional and global terms; the first major hotel resort was only established in 1985, the reputation of the destination has grown rapidly amongst investors and visitors.
The natural environment and the location of the islands, so close to the US, has ensured a steady incline of tourism over the last two decades. The incline has been complemented by a substantial increase in airlift to the country, through its gateway Providenciales, with scheduled non-stop service from Miami, Boston, Atlanta, New York, Philadelphia, Charlotte in the US, Toronto in Canada and London in Europe and from Caribbean hubs in the Bahamas, Jamaica, Haiti, Dominican Republic and Cuba. Both scheduled and chartered international service are also supported by reliable domestic air services throughout the island chain.
This significant improvement in accessibility of the destination combined with its proximity to the US, has boosted hotel and property development in Turks and Caicos Islands on an unprecedented scale.
In spite of such rapid development, mostly centered around the 12 mile Grace Bay area in Providenciales, visitors can still enjoy miles of unspoiled beaches, world class diving, historic attractions and a friendly community.
The TCI is blessed with 230 miles of beaches and is located on the third largest coral reef system in the World.
Although other Caribbean destinations offer scuba diving as a leisure activity, none compare with the virgin reefs of the Turks and Caicos Islands. This includes the world's largest lagoon enclosing coral reef structure, the Caicos Banks, and the most spectacular wall in the Caribbean, just off the capital island, Grand Turk. In addition, above the surface, deep sea fishing and sport fishing have developed into a popular tourist activities, with record catches at stake in the annual fishing tournaments.
Opportunities exist for investment in resorts, hotels, villas, condominiums, ecotourism-related attractions and tourism-related services, especially on islands outside the main tourism hub of Providenciales.
On Grand Turk, South Caicos and Salt Cay, their world-class diving and historical hideaways are major attractions, while North and Middle Caicos are a must for nature lovers and adventure travelers seeking rambling trails, mangroves, kayak trips, flamingo ponds and a spectacular cave system.
The United States and Canada continue to provide the largest number of visitors, although Europe has moved into a significant third place.
Policy Highlight
There are a range of duty concessions available to investors constructing “approved projects” throughout the country, with more generous concessions being granted in the lesser developed islands.
Throughout the country, except Providenciales, government will normally grant an “approved project” a Development Order with a duty remissions on a specific list of construction materials, plant, equipment, furniture, finishings as approved by the Collector of Customs for the period of actual construction of the project.
There is little doubt that developers will continue to be attracted to the islands. Hotels and resorts have enjoyed much success with positive prospects for the future. Alongside transnational companies such as the Sandals owned Beaches Turks and Caicos Resort and Spa, which is now one of the most acclaimed Sandals properties in the Caribbean, condominium resorts have proved extremely popular. The Sands - a Canadian owned 90 unit resort aimed at the upper end of the market has proved such a success that developers are constructing another large resort ‘The Palms’ Grand Resort and Spa.
The private jets at Provo’s private air terminal, the large yachts in the marinas and the celebrity profile of the destination demonstrate that the TCI is a high-end destination. Marketing campaigns target upscale travelers who are seeking quality rather than quantity. Parrot Cay, Point Grace Resort and the Grace Bay Club have successfully attracted a five star market to the country with the allure of unspoiled beaches and unsurpassed services.
Butch Stewart, Chairman of Sandals described TCI as “the last of the true exotics”. A travel journalist, one of many who have written about the destination described the TCI as “travel’s last frontier”. The exciting news for investors is that development has only just begun. This is the first frontier for TCI and just the start.
The natural environment and the location of the islands, so close to the US, has ensured a steady incline of tourism over the last two decades. The incline has been complemented by a substantial increase in airlift to the country, through its gateway Providenciales, with scheduled non-stop service from Miami, Boston, Atlanta, New York, Philadelphia, Charlotte in the US, Toronto in Canada and London in Europe and from Caribbean hubs in the Bahamas, Jamaica, Haiti, Dominican Republic and Cuba. Both scheduled and chartered international service are also supported by reliable domestic air services throughout the island chain.