An iconic luxury hotel in the Caribbean is to be renovated after a multi-million dollar take over by luxury travel company Belmond.

The company has signed agreements to acquire the Cap Juluca beach resort on Anguilla.

Belmond expects to spend about $121 million in the acquisition and subsequent refurbishment and expansion of the resort.

The addition of the 96-room resort marks an “important milestone” in the strategic development of the Belmond brand, the company said.

The company expects to carry out a “top to toe” renovation of the property following the end of the 2017-18 winter season.

Plans include developing 25 new beachfront villas or suites, bringing the resort’s total capacity up to 121 rooms.

Refurbishment is due to include interior furnishings of all suites and villas; the introduction of new culinary concepts; enhancements to the spa; and new and renovated public areas.

The work is due to be completed by the end of 2018.

The company will immediately operate the re-named Belmond Cap Juluca on completion of the takeover by the end of the month.

The acquisition is parts of a plan by Belmond, which runs the Venice Simplon-Orient-Express, to double the size of its 48-strong portfolio of hotels by 2020.

President and CEO Roeland Vos said: “I am thrilled to announce the addition of the legendary Cap Juluca to Belmond; our third hotel in the Caribbean builds upon our heritage of creating exceptional travel experiences in extraordinary locations.

“We believe this one-of-a-kind resort presents a compelling opportunity to build on our experience of restoring iconic status to properties with exceptional heritage and stories to tell.

“As one of the most recognised resorts in the Caribbean, Cap Juluca is a natural fit for the Belmond portfolio.”