Time Equities Inc. (TEI), a real estate investment and property management business in New York, purchased the three-villa Altamer Resort on Shoal Bay West in Anguilla.
TEI bought it from CBRE Group in Los Angeles for an undisclosed sum and plans to renovate and refurbish the villas, which total close to 40,000 square feet.
Altamer will continue to be managed by the existing Anguilla-based team. Villas will remain available for rent.
TEI plans to convert the former restaurant space into an additional four-bedroom villa, upgrade the existing conference center and launch a new website for the resort.
Future plans call for the development of a marina adjacent to the site.
"The Caribbean is booming again and provides an incredible opportunity for real estate development, particularly in Anguilla which has seen a surge of economic prosperity and demand for the global jet-set community," said Francis Greenburger, founder and chairman of TEI.