VICI Properties Inc. (NYSE: VICI) has acquired the Carambola Beach Resort in St. Croix, U.S. Virgin Islands, for redevelopment as a Club Med resort, marking the hospitality brand's return to U.S. territory.

Under the partnership agreement, VICI will fund the comprehensive redevelopment of the 150-key property while entering into a long-term triple-net lease with Club Med. The resort will be transformed to meet Club Med's Exclusive Collection standards, representing the brand's premium all-inclusive portfolio.

The property, originally built in 1986 by Laurance Rockefeller, is situated between a crescent beach and tropical rainforest. Club Med plans to preserve the resort's natural setting and historic character during the renovation process.

"We are very excited to begin our partnership with Club Med, a true pioneer of the premium all-inclusive resort experience," said John Payne, President and COO of VICI Properties.

The redevelopment is expected to generate approximately 200 direct jobs and an equal number of indirect employment opportunities. Construction is scheduled to begin in summer 2026, with a planned reopening in the fourth quarter of 2027.

Club Med, which operates nearly 60 resorts globally, last operated properties on U.S. soil several years ago. The St. Croix location will serve travelers from the United States, Canada, and international markets seeking all-inclusive resort experiences.

The project has received support from local government officials, with Governor Albert Bryan Jr. calling it "another significant milestone in the continued economic growth and revitalization" of the U.S. Virgin Islands.

Club Med plans to pursue BREEAM and Green Globe environmental certifications for the property as part of its sustainability commitments. The company will continue community engagement in the coming months to share additional project details.