SCOTTSDALE, Ariz.—Enchantment Group, a hospitality management company focused on resort destinations, announced today that, with their partners, they have acquired The Cove, a luxury beachfront resort on the Bahamian island of Eleuthera, from New Orleans-based businessman Sidney D. Torres, IV and IV Capital.
The 40-acre property, located on the island’s northern end on the Caribbean Sea, is just 45 minutes from South Florida. Positioned on a secluded, rocky promontory flanked by two pink sand beaches, the resort includes seaside villas, cottages, and suites, a hilltop infinity pool, open-air sunset bar, gourmet restaurant and sushi bar, and activities like snorkeling, paddle boarding, and kayaking. Enchantment Group will also manage the property, potentially building a spa and additional waterfront suite accommodations.
“Eleuthera offers the appeal of a somewhat under-the-radar island with a magnificent shoreline, peaceful beaches, and crystal-clear water,” said Marcos Casillas, vice president of Enchantment Group. “The Cove captures the essence of an idyllic island getaway in a place of stunning natural beauty. It is a great fit for our company’s growth and investment strategy.”
When Torres, founder of IV Capital, bought The Cove, it had been closed for two years and had only six rooms. Sketching on napkins, he conceived of a grand property outfitted with top amenities. Torres added a highly-rated restaurant and top-shelf bar program with New Orleans flavor, and added new guestrooms for a total of 55.
“After 10 months of construction and two years of operation, the opportunity to partner with Enchantment Group was a perfect fit,” said Torres, who will continue to develop property on the island while handing over ownership of The Cove resort to the team at Enchantment Group.
The Cove is the newest addition to the Enchantment Group collection which also includes Enchantment Resort; Mii amo, a destination spa; and Seven Canyons golf club, all in Sedona, Arizona; and the Tides Inn located on Virginia’s Chesapeake Bay.