Marina facilities and services will be enhanced; Rodney Bay joins growing network of world-class Island Global Yachting facilities
New York –January 9, 2007– Island Global Yachting Ltd. (IGY) announced today that its wholly owned subsidiary, Island Global Yachting Facilities Ltd., has acquired the Rodney Bay Marina at Rodney Bay, St. Lucia – one of the Caribbean’s leading centers for yachting and sport fishing. IGY, based in New York and Fort Lauderdale, is the leading developer and operator of luxury marina facilities and yachting lifestyle destinations.
The Rodney Bay Marina currently offers 232 slips and a 4.5 acre boatyard in a well-protected hurricane hole. Onshore, the property offers retail and restaurant facilities, as well as a 15-acre development parcel.
Island Global Yachting has plans to invest substantially in the Rodney Bay Marina to enhance both the marina facilities and the upland amenities to a level consistent with other properties owned and managed by IGY. These improvements will be coordinated to allow continuous operation of the marina and will not interfere with the facility’s longstanding association with the famous Atlantic Rally for Cruisers (ARC), a grueling 2,700 nautical mile voyage undertaken by more than 230 yachtsmen each year. ARC has terminated at the Rodney Bay Marina for the past 16 years.
Andrew L. Farkas, CEO and founder of Island Global Yachting said: “The Rodney Bay Marina is the leading marina facility in the region and is a cornerstone in IGY’s continuing expansion in the Caribbean. We are excited to work with the Government and people of St. Lucia to create one of the finest luxury yachting destinations in the world.”
The facilities and services of the Rodney Bay Marina will be upgraded to meet the standards of IGY’s growing portfolio of mega-yacht and luxury marinas worldwide. IGY currently operates luxury and mega-yacht marinas in St. Maarten, St. Thomas, Mexico and the Middle East. IGY also is currently developing additional facilities in The Bahamas, St. Maarten, the British Virgin Islands and Dubai among other locations. All of IGY’s marinas are recognized by yacht owners, captains and crew for offering the highest standard of facilities and service.
IGY’s portfolio of marinas is led by Yacht Haven Grande, a mega-yacht marina and yachting lifestyle destination opened last month in St. Thomas, USVI. Yacht Haven Grande, which was developed and is owned by IGY, offers the finest facilities and services in the world, including berthing for yachts up to 450 feet, in-slip high speed fueling and pump-out, luxury retail establishments, fine and casual dining restaurants, and luxury condominium residences.
IGY and its subsidiaries employ approximately 500 marine engineers and designers, development professionals, marina operations staff and other management professionals throughout the world.
In the upgrading and operation of the Rodney Bay Marina, IGY will continue to work closely with the Government of St. Lucia and looks forward to making a positive contribution to the people and economy of St. Lucia. In addition, it is anticipated that all employees will continue to be employed by IGY and the current management structure will remain intact.
The Rodney Bay Marina was established in 1986 by Arch Marez, a California-based entrepreneur who died in 2005. Through the years, the Rodney Bay Marina has become the center of yachting tourism on the island of St. Lucia, complementing the luxury hotels and condominiums which support its northern tourism belt.
About Island Global Yachting
Island Global Yachting Ltd. (“IGY”) was founded and is controlled by Island Capital Group LLC, a real estate merchant banking firm specializing in real estate, real estate securities, and real estate securitization. IGY focuses on acquiring, controlling and/or servicing mega-yacht and other luxury class marina facilities and surrounding upland real estate properties in key regions frequented by transient mega-yacht/luxury class owners and charter customers. IGY recently opened its flagship property, Yacht Haven Grande, a new luxury lifestyle destination concept in St. Thomas, USVI, which is uniquely positioned to provide a new level of world-class marina and mixed-use development. Headquartered in New York and Ft. Lauderdale, IGY and its subsidiaries have 10 offices in the United States, as well as additional offices in St. Maarten, Netherlands Antilles; St. Thomas, U.S. Virgin Islands; Dubai, United Arab Emirates; Muscat, Oman; and Greenville, South Carolina.