John Fair, Mark Durliat, and Jerry Landeck acquired the smallluxury hotel for about $12 million in early 2002 and began a$35-million upgrade program that includes the renovation of thehotel and the 38-unit ultra-luxury condominium development, whichis slated to break ground in September and be complete by December2004.

The Turks & Caicos are a group of more than 40 islands andcays known for their snorkeling and diving. "We studied intimatelythe success of the Caymen Islands and found that all theingredients present in those markets were present here, but at ayounger age," Durliat tells GlobeSt.com. "There is a verytransparent legal structure, title is guaranteed by the Britishgovernment, there is a good banking industry, it's a U.S. dollareconomy and there is excellent airlift, including jet access."

Moreover, says Durliat, major travel and leisure magazines havebeen featuring the Turks & Caicos islands over the past fewyears, causing tourism arrivals to grow by an annual average of 15%over the past four years. "Since Sept. 11, it has been one of thefew growth markets in the Caribbean," says Durliat, whose group ofinvestors who own a host of residential and commercial product inUtah, Colorado and Arizona and recently developed Esperanza, asmall luxury hotel in Cabo San Lucas.