Belize’s island golf resort Caye Chapel has been sold to a Mexican hotel development group. That was the confirmation that came from The Belize Trade and Investment Development Service (BELTRAIDE) on Monday December 9th. The mega luxury resort has been on the selling block for some time, following its closure a few years ago.

While BELTRAIDE would not disclose the name of the Mexican luxury hotel development group that purchased Caye Chapel, it says that the investors own other developments in Mexico City, Cancun and Acapulco. It also stated that the group plans to partner with another global luxury hotel brand, indicating that the new tourism project is expected to commence in early 2015. “The group… is currently working on a detailed development plan for the island for presentation to the Government of Belize. It is expected that this plan will include the announcement of a partnership with a renowned global luxury hotel brand, to be announced in the near future, as well as the development of high-end residences and other amenities.”

The private island sits on 165 acres of beach frontage and its facilities include eight beachfront villas, eleven marina view casitas, an eighteen-hole championship golf course and a private airstrip. But the island and its facilities has been semi-deserted since 2012 when the previous owner, former American coal billionaire Larry Addington filed bankruptcy.

There is no indication at what price the island was sold for but it was listed for sale for as much as US$45 million. In recent past, there was an offer made to purchase the resort for $30 million but it was turned down and according to other news reports, the island may have been sold at a desperate Belize $25 million. The resort has hosted such superstars as Beyonce and Tiger Woods.

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