The owner of Grenada's Silversands hotel has bought two further plots of land on the Caribbean island.

Joyau des Caraibes Ltd has acquired Port Louis Maritime Village and the undeveloped lands of Mount Cinnamon resort – two of the island’s most iconic properties.

The company said it had an “overriding objective to establish Grenada as a leader in the luxury hospitality industry”.

It has pledged to invest around $350 million to develop the two sites, with plans including four five-star hotels, a spa, exclusive residential villas, food and beverage outlets, retail and an entertainment hub on Port Louis Marina. 

It is expected that the developments will result in 1,500 new job opportunities.

Naguib Sawiris, chairman of Joyau des Caraibes said: “Our experience in Grenada has been overwhelmingly positive, and we are proud to continue our investment in these challenging times.

“This would not have been possible without the support of the Grenadian government and the genuine warmth and sincerity of its people. We are incredibly grateful to them for trusting JDC to oversee the development of these important properties.

“Our investment plan’s key focus over the coming four to five years, is to increase Grenada’s hotel inventory by approximately 400 – 500 rooms plus all the associated amenities and facilities, including restaurants, spas, entertainment and retail outlets targeting a wide array of tourists segments. This should in turn result in an increase in the much-needed airlift to Grenada, which is the cornerstone of the flourishment of the tourism industry.”

Silverseas Grenada opened in December 2018.