Marine park operator Dolphin Cove Limited is weighing its options for two long-standing projects as it seeks to unlock value from its assets in Turks and Caicos and Jamaica.

Chairman Stafford Burrowes, in an interview with the Jamaica Observer last week, outlined plans for the potential sale of a prime three-acre property in Providenciales in Turks and Caicos and renewed efforts to sell a 22-acre site in Lucea, Hanover, to hotel developers.

Burrowes revealed that the company’s land in Providenciales could soon be divested due to slower-than-expected tourism growth in the area.

“We’re giving thought to whether the Providenciales market will grow to the extent that it justifies such a big development. Right now, it’s just land sitting there,” Burrowes told
Observer.

The property, comprising three adjoining waterfront lots, is valued at approximately US$45 million. Despite its significant appreciation in value over the years, Burrowes noted that the lack of cruise ship arrivals to Providenciales and the concentration of hotels in other areas have tempered expectations for the proposed dolphin park.

“Ten years ago, this land was worth six or eight times less than it is today, but the reality is that Providenciales has not become what we hoped it would. The cruise ships don’t dock there, and the numbers aren’t high enough to support the kind of development we envisioned,” he explained.

If sold, the proceeds from the land would be reinvested in Dolphin Cove’s operations in Jamaica.

“We’re looking at pumping a couple of million dollars from the sale into local projects. That’s our priority — developing Jamaica’s attractions further,” Burrowes said, adding that a final decision on the Providenciales property will be made next year.

Lucea property back on the market

In Jamaica, Dolphin Cove has renewed its push to sell its 22-acre property in Lucea, Hanover, listed for roughly US$18 million with Coldwell Banker Jamaica Realty. The waterfront property is being marketed as a hotel development site, with the stipulation that Dolphin Cove’s marine park will remain a central feature of the future resort.

“This land has incredible potential for a family resort, and Dolphin Cove would operate right in the middle of it,” Burrowes said.

An earlier agreement with Reserve Investments Limited, which planned to develop the property into a large family resort, stalled during the pandemic. Now, Dolphin Cove is actively seeking new buyers to bring the project to fruition.

“We had an agreement, but COVID-19 disrupted their plans. Now, we’re working with Coldwell Banker to find a buyer who can develop a hotel that aligns with our vision for the property,” he said.

Burrowes shared that the company has already received interest from potential investors, including a group from California.

“We’ve had some interest from a group that’s connected to a big hotel chain. It’s still early days, but we’re optimistic about finding the right partner,” he said.

Despite challenges with its international projects, Burrowes emphasised Dolphin Cove’s commitment to expanding its footprint in Jamaica.

“We’ve always believed in the strength of Jamaica’s tourism product, and that’s where we’re focusing our efforts. The sale of either of these properties would provide the capital needed to develop additional attractions locally,” he said.

As Dolphin Cove looks ahead, the company continues to attract visitors to its parks, which Burrowes said are operating at full capacity.

“Our capacity in the parks remains high — 100 per cent. That tells us there’s room to grow here at home,” he said.