Club Med and VICI Properties Inc. (NYSE: VICI) announced the acquisition and planned redevelopment of Carambola Beach Resort in the U.S. Virgin Islands, marking Club Med's return to U.S. territory.

Under the partnership, VICI acquired the property and entered into a long-term triple-net lease with Club Med. VICI will fund the redevelopment of the 150-room resort to Club Med's Exclusive Collection standards, while Club Med will operate the facility.

The historic resort, originally built in 1986 by Laurance Rockefeller, sits between a crescent beach and tropical rainforest on St. Croix. Club Med plans a comprehensive renovation that will preserve the property's natural setting and historic elements.

"The U.S. Virgin Islands represent an exciting new chapter for Club Med," said Carolyne Doyon, President and CEO of Club Med North America and the Caribbean. "For more than seven decades, we've welcomed North American travelers to our destinations around the world, and now we're bringing that experience back home."

John Payne, President and COO of VICI, said the partnership aligns with VICI's strategy of working with premium experiential operators. "Carambola Beach Resort is an ideal asset to launch our relationship," he stated.

The redevelopment is projected to generate approximately 200 direct jobs and an equal number of indirect opportunities. The resort will target BREEAM and Green Globe environmental certifications as part of Club Med's sustainability commitments.

Construction is expected to begin in summer 2026, with a targeted reopening in the fourth quarter of 2027. The project received support from Governor Albert Bryan Jr., who called it a significant milestone for the territory's economic growth.

Club Med operates nearly 60 resorts globally and was founded in 1950 as a pioneer of the all-inclusive resort concept. VICI Properties is an S&P 500 experiential real estate investment trust with a portfolio of gaming, hospitality and entertainment destinations.