41-45_ttg_lux_caribbean update 27/2/09 14:03 Page 41
SHIFTING
PICTURE
The ripple effects from the
Driving from many Ritz-Carlton projects, financed by
economic meltdown in Europe
Hewanorra International Airport up to Lehman Brothers – construction stopped
Rodney Bay in St Lucia, I passed a deserted just months from opening. Ritz-Carlton
and the US have reached the warm construction site. The half-finished projects in the Bahamas, Dominican
waters of the Caribbean. But
concrete structures were a far cry from the Republic and St Lucia are also on hold
cheery artist’s impressions I’d seen on while new financing is secured.
Philippa Jacks finds there’s still
roadside billboards. Le Paradis Beach, Golf But there are glimmers of optimism in
& Marina Resort, which includes a five-star the region, and plenty of high-end projects
plenty of optimism – and business
Westin resort, was scheduled to have were completed in the nick of time or have
opened by now. But losing its financing simply not been affected by the economic
means it will be 2010 at the earliest before downturn. I visited Jalousie Plantation,
the complex welcomes its first guests. which relaunches as The Tides Sugar Beach
It was a depressing introduction to the this year, with $100
island. And it’s not the only site in the million invested in
Caribbean where tools have been downed. lavish new villa
Westin Roco Ki in the Dominican Republic suites. The
has been delayed until next year. Molasses Landings, which
Reef in the Turks and Caicos was, like so opened just over a
41
feature caribbean
spring 09
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