03/03/2020
SPEAKER ANNOUNCEMENT FOR THE 2020 ECONOMIC EMPOWERMENT CONFERENCE!
MARK DURLIAT
CEO AND CO-FOUNDER GRACE BAY RESORTS
Mark will be a panelist on the "Real Estate Investment: From the Ground Up" Panel at the 2020 Economic Empowerment Conference on March 28th 2020 at Beaches Resort and Spa.
TIMELINE
Mark Durliat was first introduced to the Turks & Caicos Islands (TCI) in 2001. Prior to visiting the TCI, Durliat had spent nearly 10 months searching the Caribbean for the right location and property on which to expand his entrepreneurial career in the development of condo-resorts. Durliat’s first acquisition was the Grace Bay Club, having assembled a syndicate of equity capital from private high net worth investors coupled with debt capital from regional institutional lenders. From this the Grace Bay Resorts (GBR) brand was born.
Since 2001 Durliat has successfully raised and deployed over $140.0 million in equity and debt capital in the growth of the GBR brand. Under his leadership, this luxury brand has developed and/or managed 10 different projects in the Turks & Caicos Islands, consisting of resorts, condominium & single family residential projects. The company has developed over 300,000 square feet of new construction and has directly sold $145.0 million of real estate.
GBR’s collection of businesses has grown from annual operating revenues of $4.0 million to a forecast of nearly $60.0 million in 2019, expanded its original employee base of 45 to more than 500 staff, and has secured hotel affiliations and accolades from names such as Leading Hotels of the World, American Express Fine Hotels & Resorts, Condé Nast Traveler magazine, Travel & Leisure magazine & Preferred Hotels.
In 2009 Durliat was awarded the “Lifetime Achievement Award” by the Turks & Caicos Hotel Association. He was a former 3-year member of the Turks & Caicos Tourist Board and founded the Grace Bay Resorts Community Foundation, who provides funding, support and other charity activity to the communities in the TCI, including public schools.
2001
May 1st visit to Turks & Caicos
July Durliat signs a purchase agreement acquire
Grace Bay Club, a 22 unit hotel & restaurant on
6 acres of beach land. Hotel is an affiliate of
Small Luxury Hotels of the World
2002
April A partnership formed by Durliat closes on the
purchase of Grace Bay Club
$8.0 million of equity & working capital raised
$9.0 million of debt capital raised
June Design started on The Villas at Grace Bay Club
Renovations to original Hotel begin
2003
January Sales begin for The Villas at Grace Bay Club/38
units total; average sales price of $1.2 million
each
Target Sellout Value $45.0 million
June Durliat begins negotiations with RBTT Bank
(Royal Bank of Trinidad & Tobago) for Hotel
finance
Dec $9.0 million of hotel debt financing raised with
RBTT Bank
$4.0 million of construction debt raised
Construction of The Villas at Grace Bay Club
commences (38 new condominiums, spa, pools,
fitness center, restaurant, kitchen, laundry, etc.
Construction cost of $24.0 million
July Durliat negotiates purchase of 5 acres of land
for development of The Estate at Grace Bay
Club
$6.0 million of debt financing completed
$6.0 million of equity capital raised
2005
May Durliat negotiates recapitalization of Grace Bay
Club Hotel
$4.0 million of new equity capital raised
July Sales of Estate at Grace Bay Club begin/22
Estate condominiums; avg. price $3.0 million
each
Target Sellout Value: $70.0 million
DEc Completion of the Villas at Grace Bay Club
100% of units sold = $45 million of sales
2006
March Renovations to Hotel building commence
$5.0 million of new debt finance raised for
Hotel renovations
Nov Durliat negotiates purchase of 10-acre site for
development of One Lofts – 32 townhome lofts
$1.5 million of equity raised
$7.5 million of debt finance raised
One Lofts to become only project in TCI to ever
have offered sales of units without a progress
payment structure. Opens market to young
professional market.
Purchase of 6 acre site for development of
CAYA resort
$10.0 million of equity capital raised
2007
Mar Durliat receives official citizenship from
Government as Turks & Caicos
Citizen/Belonger
May Renovations to Hotel building complete – Grace
Bay Club Hotel reopens
Dec One Lofts launches sales. Target 32 unit sales.
Project achieves 100% sellout in 3 weeks,
setting record in Turks & Caicos. Total sales:
$14 million
2008
Feb Construction on One Lofts begins
Oct GBR appointed manager & brand for The
Veranda Resort, a 10-acre, 160-key fully
inclusive luxury resort property. Property value
at completion: $65.0 million
2009
Jan Construction on The Estate at Grace Bay Club
complete
100% of units sold = $73 million of sales
Feb Construction on One Lofts complete
2010
Jan Veranda Resort opens
2011
July Jet Blue begins direct NYC flight to
Providenciales, United follows
Sept Purchase of beachfront land for development of
The Residences
$2.2 million of equity capital raised
$1.4 million of debt capital raised
Dec Veranda sold to Sandals Corporation for $65
million, GBR relinquishes management after 4
years
2013
March Sales of The Residences begins / 3 homes for
sale, average price $4.2 million
Aug GBR acquires 50% of management company
of West Bay Club, assumes management
responsibility; 70-key property, restaurant, spa,
valued at $50.0 million
2014
Jan $10.5 million debt financing secured with
Scotiabank for Grace Bay Club, replacing
RBTT Bank
2015
Jan $4.0 million debt financing raised
GBC Hotel refurbishments, new fitness center,
boutique, spa, restaurant, kitchen
The Residences complete & open = $13 million
of sales
2016
Sept Purchase of 14-acre site for development of
Rock House, Turks & Caicos
$8.0 million of equity capital raised
$4.5 million of debt capital raised
2017
Mar $14.5 million of debt capital raised for
expansion of Grace Bay Club
April Sales of Rock House begin
41 cottages for sale; average price $1.0 million
each
4 hillside estate homes for sale; average price
$3.2 million each
Target Sellout Value: $55.0 million
2018
April Purchase of Point Grace resort, Turks & Caicos
$20.0 million of equity capital raised for
acquisition of Point Grace resort
$4.0 million of debt capital raised
2019
April
Aug GBR acquires 7 luxury condominiums
and 100% of management company of West
Bay Club, a 70-key beachfront property with 2
restaurants, valued at $50.0 million
$5.5 million of equity capital raised
Total cumulative capital raised to date: $145,000,000 (one hundred forty five million)
To register for the 2020 Economic Empowerment Conference email: [email protected]. Registration fee $175.00
