Owners Andre Surreys and Ron Sutherland Appoint Grace Bay Resorts to Manage the Veranda Resort & Residences in Providenciales, Turks and Caicos / July 2009

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Owners Andre Surreys and Ron Sutherland Appoint Grace Bay Resorts to Manage
the Veranda Resort & Residences in Providenciales, Turks and Caicos
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Providenciales, Turks and Caicos � July 2009 � Turks & Caicos Island�s Premier, Galmo Williams, in a special press statement on the resilience of tourism in Providenciales, welcomed news that the highly anticipated Veranda Resort & Residences on Grace Bay Beach would be complete prior to end of 2009 and would open for business early 2010.
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The Veranda
Princess Drive
Providenciales
Turks and Caicos Islands, BWI .
�The opening of Veranda Resort & Residences shows the resilience of our tourism industry in today�s volatile marketplace. It is no secret that the worldwide economy is experiencing tremendous challenges at this moment in time,� says Premier Williams. �We are extremely grateful that owners Andre Surreys and Ron Sutherland took the bold and courageous step of moving forward with such a considerable investment into our growing tourism industry. We want the international community to know that the Turks and Caicos Islands are open for business. We offer our full support to the Veranda project and look forward to its contribution to our growing cadre of superlative resorts.�

The Veranda Resort & Residences is owned by Faez Ltd., a Turks and Caicos company founded by UK entrepreneur, Andre Surreys. Surreys and US based real estate veteran Ron Sutherland of the Hemisphere Group purchased the resort in April 2008. In January 2009, Surreys and Sutherland appointed Grace Bay Resorts, the company behind the celebrated Grace Bay Club in Turks and Caicos, to manage the new $80 million luxury resort property.

�The Veranda is a unique property that has enormous potential and we are honored to be selected as the operator for this resort,� says Mark Durliat, CEO of Grace Bay Resorts. �Not only will this sophisticated project draw new development to these islands, it will create needed employment in an otherwise challenging economic environment.�

Guests of the new 10-acre resort on Providenciales will enjoy more than 800 feet of beachfront along Grace Bay beach. Inspired by British Caribbean architecture, the highly anticipated resort will feature the Island�s only private beachfront homes, each enjoying their own private pool, as well as 126 beautifully appointed residential units available as studios, one, two and three bedroom condominium units. In addition, the resort enjoys two separate oceanfront restaurants offering both elegant and casual dining experiences, a dedicated 1700 square foot conference center, three pools, an Asian-inspired Wellness Centre, Spa and Fitness Facility and a dedicated kids club.

�There are so many destinations to choose from in the Caribbean, yet we selected the Turks & Caicos. This is a Caribbean destination where international investment is welcomed by the Government and the destination is highly attractive for development,� says Ron Sutherland, Co-Owner. �These islands offer some of the most beautiful vistas in the world and are easily accessed by most travelers both internationally and from the US. We consider ourselves fortunate to have an opportunity to contribute in such a meaningful way during what is a very challenging economic environment.�

About The Veranda Resorts & Residences
Faez Limited recently acquired The Veranda. The property is being developed by a leadership team consisting of Ronald D. Sutherland, president of The Hemisphere Group and Development Manager; and Jeffery A. Lee, architect and senior partner of Lee & Astwood Architects, who are re-designing the property. Both have extensive experience with some of the finest resort and residential properties in the Caribbean basin.

About Grace Bay Resorts
Grace Bay Resorts was founded from its flagship property Grace Bay Club in Turks and Caicos which opened in 1993. Led by Mark Durliat and Nikheel Advani, the developers and hoteliers behind this renowned resort, together with Denver-based SV Capital Partners, the company operates under three divisions, providing development, branding and management for its flagship über-luxe Grace Bay Resorts brand; its �The Grace Collection� of independent luxury properties; and CAYA, its newest 5-star contemporary lifestyle brand being developed with celebrated architect Chad Oppenheim. Grace Bay Resorts is expanding its award-winning brands and services into other Caribbean destinations and Latin America, with a target of 10 properties in the next few years.

Contact:

Caitlin Austin/Allyn Magrino, Susan Magrino Agency
641 Lexington Avenue, 28th Floor
New York, NY 10022
212.957.3005, [email protected]

www.verandatci.com

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