Dubai Hyatt Hotels Corporation, Range Developments and Kiawah Partners on Tuesday signed an agreement to build Park Hyatt hotel on the eastern Caribbean island of St Kitts.

The total project value will be in “excess of $200 million [Dh734 million]”, divided into three phases of construction, Munaf Ali, CEO of Range Developments, told Gulf News on the sidelines of a conference to announce the deal.

“First and second building phase will be a combined value of $150 million and the third phase takes it above $200 million,” he said.

As a part of the project, around 200 hotel rooms will be delivered in the first two phases, with 125 of them completed by the end of 2014 in the first phase, Ali said, adding that 100 additional rooms will be delivered in the third phase.

Park Hyatt St Kitts, which will be located at Christophe Harbour, will be financed under the St Kitts and Nevis Citizenship by Investment Programme through the sale of individual investment shares, each costing $400,000, Range Developments said in a statement.

“Around 375 shares will be offered in the first phase and 200 shares in the second. The last phase will offer 150 shares but this number is still not finalised,” explained Vipin Sharma, marketing director of Ranging Developments.

The company further said that the ownership of an investment share (limited partnership interest) in the hotel project will grant investors the right to become eligible citizens of St. Kitts & Nevis.

Welcoming the investment of Park Hyatt St Kitts, the Prime Minister of the Federation of St Kitts & Nevis, Dr. Denzil L Douglas, who was also present at the event, said: “These are the type of investments we exactly want in our country. It will improve our economic transformation especially after the closure of the sugar industry in 2005.”

In an effort to expand its reach in the region, Range Developments is constructing Shaza Hotel in Iraq while also exploring more projects in Dubai and the rest of the Middle East.

Asked to elaborate on the same, Sharma did not divulge exact plans but said: “There are no announcements yet but we are still evaluating projects.”