Mexican investors who are well established in the luxury hotel business in Mexico City, Cancun and Acapulco will spend millions to develop the island of Caye Chapel.
Caye Chapel is a 265-acre island on the way to Caye Caulker, known in the old days as Cayo Cocina.
A government announcement on Tuesday reports that the sale was completed on December 9, and that work to make the island a world class luxury tourist destination will begin early next year.
The new owners are expected to partner with a renowned global luxury hotel brand to operate the hotel and to develop high-end residences.
Caye Chapel is already a well groomed privately owned island with miles and miles of sandy beaches and coconut palm trees. It is within sight and sound of the Barrier Reef and is one of a trio of islands which include Caye Caulker and Ambergris Caye.
The Government release disclosed that the new owners are actively working on a development plan which they will present to the Government for approval in the weeks that follow. Work on the island will begin early in the new year.
The new owners have released details of their concept of what the island will look like when construction work is completed, as shown below.