
The Ritz-Carlton Hotel Co. confirmed that its Molasses Reef Reserve brand development in Turks and Caicos, southeast of the Bahamas, is back on schedule for completion after construction stopped in 2008.
The Molasses Reef project was a Lehman Brothers-backed luxury resort development Turks and Caicos, southeast of the Bahamas. However, when the investment firm declared bankruptcy in 2008, the project was halted.The Reserve development was planned to offer 125-rooms and 30 condo units, the second Reserve brand resort in the Caribbean.The project has been revived after an unnamed investment group purchased the Lehman Brothers shares, construction set to restart this year. The new group may have to spend up to 130 million USD to see the project’s completion at last.