Debt facility closed for Turks Ritz-Carlton

Logwood Hotel Development Company (LHDC), a joint venture controlled by David Hartshorn, Alan Lisenby and the Gencom Group ( ), announced the closing of the $102 million senior debt facility provided by Lehman Brothers for the construction of the 125-room resort, Molasses Reef, a Ritz-Carlton Reserve, and Ritz-Carlton branded Island Villas on West Caicos Reserve ( ) in the Turks & Caicos Islands. Logwood-Gencom Announce Closing of Senior Debt Facility by Lehman Brothers for New 125-Room Ritz-Carlton Hotel and Villas in Turks & Caicos Islands; Over 50% of Phase 1 Ritz-Carlton Branded Island Villas Sold; Ground Broken for New Hotel

The developer also announced that more than 50% of Phase 1 of the Ritz-Carlton branded Island Villas has already been sold and ground has been broken for the new resort.

The centerpiece of the exclusive residential community of West Caicos Reserve will be the intimate Molasses Reef, a Ritz-Carlton Reserve featuring 125 guestrooms and suites, two restaurants and a full-service spa. Completion of the resort, the first phase of the villas (approximately 30) and the marina is slated for early 2008.

“We are pleased to have Lehman Brothers providing the financing for West Caicos and Molasses Reef. This is one of the most distinctive luxury resort and residential developments in the Caribbean,” said Karim Alibhai principal of Gencom Group, joint venture partner in the project.

West Caicos Reserve ( ) is an uninhabited11-square-mile island in the Turks & Caicos Islands, BWI, which was last populated in the late 1800s. This new destination, featuring some of the most sublime beaches in the Caribbean, will consist of a small and exclusive residential resort community, a 125-room Ritz-Carlton hotel and villas, a world-class marina, two national parks including a protected wildlife reserve, and archaeological and cultural sites. Accessible only by boat, small plane or helicopter, transportation on-island will be primarily by electric vehicle and bicycle.