VICI Properties and Club Med Announce Acquisition and Redevelopment of Carambola Beach Resort in St. Croix

ST. CROIX, U.S. Virgin Islands & NEW YORK--(BUSINESS WIRE)--Jun 15, 2026--

Club Med, the pioneer of the all-inclusive concept with nearly 60 resorts in some of the world’s most desired vacation destinations, and VICI Properties Inc. (NYSE: VICI), an S&P 500 experiential real estate investment trust, announced today the acquisition and planned redevelopment of the iconic Carambola Beach Resort, located in the U.S. Virgin Islands, marking the return of Club Med to U.S. shores. The future Club Med St. Croix will reinforce the hospitality brand’s leadership in the premium all-inclusive category, while bringing a renewed spirit to the destination’s most historic beachfront property.

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The project is a result of a partnership between Club Med and VICI. Following VICI’s acquisition of the Carambola Beach Resort, VICI has entered into a long-term triple-net lease with Club Med, and will fund the resort’s redevelopment, elevating the property to Club Med’s Exclusive Collection standards. Club Med will run the future operations of the historic 150-key resort, transforming it into a model for sustainable, culturally rich and all-inclusive hospitality in the region.

“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. With St. Croix’s natural beauty, strong community spirit, and deep cultural roots, together with the longstanding legacy of this hotel, this project reflects our vision for thoughtful growth, and meaningful connection across the Americas.”

John Payne, President and COO of VICI, said, "We are very excited to begin our partnership with Club Med, a true pioneer of the premium all-inclusive resort experience and the brand leader in the category. Club Med's approach to growth aligns directly with how VICI partners with best-in-class experiential operators, and Carambola Beach Resort is an ideal asset to launch our relationship. We have tremendous respect for what the Club Med team has built, and we look forward to opportunities to support their continued growth across North America for years to come.”

An Iconic Setting Reimagined

Originally built in 1986 by philanthropist and conservation pioneer Laurance Rockefeller, Carambola Beach Resort reflects his enduring vision for the U.S. Virgin Islands, where hospitality and preservation exist in balance. Club Med’s redevelopment plans envision a comprehensive renovation that preserves the property’s natural beauty and historic roots.

The resort, nestled between a crescent beach and tropical rainforest, will be part of Club Med’s Exclusive Collection, the brand’s most refined portfolio of premium all-inclusive resorts, distinguished by elevated design, personalized service, and exceptional experiences in extraordinary settings.

A Flagship Destination and a U.S. Homecoming

Club Med St. Croix will mark the brand’s reentry onto U.S. soil and aims to attract travelers from the U.S., Canada, and around the world seeking a high quality, all-inclusive experience in a unique island setting. Beyond its touristic appeal, the resort will act as a key economic driver for St. Croix and the broader Virgin Islands, fueling job creation, local partnerships, and sustainable growth across the territory.

Empowering Local Opportunity: Economic Impact

Discussions with senior government officials have highlighted shared ambitions around local employment, education and training, business development, and responsible tourism.

Aligned with Club Med’s Happy to Care sustainability commitments, the project will target BREEAM and Green Globe certifications—benchmarks of environmental design and operational responsibility. Together, these efforts underscore Club Med’s longstanding focus on environmental performance and community stewardship.

“The arrival of the Club Med brand to the U.S. Virgin Islands marks another significant milestone in the continued economic growth and revitalization of our islands — particularly St. Croix — where tourism remains a key driver of opportunity and investment,” said Governor Albert Bryan Jr. “We are proud to welcome the Club Med team to the territory and look forward to growing this partnership as we continue elevating the U.S. Virgin Islands, celebrating our people and culture, and welcoming new and returning visitors to our beautiful shores.”

Once complete, the redevelopment is projected to generate approximately 200 direct jobs along with at least as many indirect opportunities. The resort is expected to further stimulate the local economy through collaborations with excursion operators, service providers, and local farmers and artisans, reinforcing the connection between tourism and the island’s broader community. Club Med plans to continue to engage with the local community in the upcoming months to share further details of the project.

Construction is expected to begin in summer 2026, followed by a targeted reopening in Q4 2027.

To learn more about Club Med’s existing footprint in North America, click here.

About Club Med

Club Med, founded in 1950 by Gérard Blitz, is the pioneer of the all-inclusive concept, operating nearly 60 premium resorts in stunning locations around the world including North and South America, Caribbean, Asia, Africa, Europe and the Mediterranean. Each Club Med resort features authentic local style and comfortably upscale accommodations, superior sports programming and activities, enriching children's programs, gourmet dining, and warm and friendly service by its world-renowned staff with legendary hospitality skills, an all-encompassing energy and diverse backgrounds.

Club Med operates in 40 countries spanning across 5 continents and continues to maintain its authentic Club Med spirit with an international staff of more than 23,000 employees from more than 110 different nationalities. Led by its pioneering spirit, Club Med continues to grow and adapt to each market with three to five new resort openings or renovations per year, including a new mountain resort annually.

For more information, visit www.clubmed.us, call 1-800-Club-Med (1-800-258-2633), or contact a preferred travel professional. For an inside look at Club Med, follow Club Med on Facebook, Instagram, and YouTube.

About VICI Properties Inc.

VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 101 experiential assets across a geographically diverse portfolio consisting of 61 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond VICI’s control and could materially affect VICI’s actual results, performance, achievements, or VICI’s ability to achieve the benefits contemplated by the transaction. Other important risk factors that may affect VICI’s business, results of operations and financial position (including risks relating to VICI’s pending transactions) are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Press Release Category: Transactions

The future site of Club Med St. Croix

EVIAN-LES-BAINS, France (AP) — President Donald Trump is headed to the French Alps on Monday to meet with fellow world leaders at the Group of Seven summit after announcing an agreement that he says will bring an end to the U.S. war with Iran.

Trump and Iranian officials had been saying for days they were making progress toward reaching a deal, but even on Sunday, things appeared to be on shaky ground after a new round of strikes between Israel and Iran-backed Hezbollah militants in Lebanon.

With the agreement, the Republican U.S. president is due to arrive in Evian-les-Bains on Monday afternoon with some wind at his back for talks with G7 leaders, including some who have been sharply critical of his managing of the roughly 15-week conflict, which has led to a surge in global energy prices.

Polls show American voters largely disapprove of the conflict, which has made some Republicans nervous about the political impacts it could have on the November midterm election.

“Ships of the World, start your engines," Trump said in a social media post celebrating the deal that he said would lead to the U.S. ending its blockade of the Strait of Hormuz, through which about 20% of the world’s crude had flowed before the conflict. “Let the oil flow!”

Iranian Deputy Foreign Minister Kazem Gharibabadi, however, said the Iranian closure of the strait would continue until the agreement is signed.

Neither the White House nor Iran published the final agreement or revealed many details. Pakistani Prime Minister Shehbaz Sharif, whose country served as a mediator in the negotiations, said there would be “pre-implementation discussions” this week to lay the ground for 60 days of technical talks on Iran's nuclear program.

Sealing an agreement before jetting off to the summit could certainly change the dynamic of the gathering for Trump. He has had friction with French President Emmanuel Macron, British Prime Minister Keir Starmer, German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni over failing to consult them before the decision to go to war.

Meanwhile, Trump has pushed back on the four European leaders — all members of the NATO military alliance — for their lack of support for the U.S. in the conflict.

Trump is expected to discuss with leaders the demining of the Strait of Hormuz, according to the White House. Britain and France have expressed interest in assisting with the demining once the conflict is paused. Fear of potential mines is among the reasons that tanker traffic has come to a halt during the war, and quickly clearing them will be crucial to regaining the confidence of commercial vessels.

Macron on Monday said that France was ready to move “very quickly” to deploy assets, including mine-clearing vessels, to the region to help.

He added that a French aircraft carrier and an accompanying strike group are already in the region and would be ready to assist within two or three days of the U.S. and Iran signing the agreement.

Macron, this year’s summit host, invited the leaders of three nations that aren’t part of the G7 — Egypt, Qatar and the United Arab Emirates — to take part in a session on the Middle East on Tuesday, when Iran is expected to be a central focus.

The leaders of the U.K., France, Germany, Italy and Canada also issued a joint statement welcoming the agreement as a “moment of opportunity to restore regional stability and stabilize the global economy.”

In a separate development, Trump ahead of departing for the summit said in an interview with the New York Post he has warned Macron the U.S. will “have no choice” but to slap 100% tariffs on French wines unless ​Paris eliminates its digital tax on American tech companies, renewing a long-running threat from him that dates to his first administration.

Wines and ​spirits exported to the U.S. from the European Union currently face ​a 15% ⁠tariff.

Trump is scheduled to meet with Macron after he arrives in France later Monday. Following their meeting, Macron and Trump will join the other leaders for a working dinner.

Trump had fiercely criticized President Barack Obama for the 2015 nuclear agreement, which Trump argued failed to stop Tehran from advancing toward a weapon and funneled billions of dollars into the Islamic Republic’s coffers.

In 2018, Trump exited the deal, known as the Joint Comprehensive Plan of Action. Britain, China, France, Germany, Russia and the European Union were also signatories to the pact.

Trump in an interview on Sunday with The New York Times pushed back on comparisons to the Obama-era nuclear deal. “We negotiated from strength,” Trump said. “He was basically paying them off.”

But Trump hasn't detailed how his agreement will address some key issues about Iran's nuclear program, including who will be in charge of verifying that Iran is complying with the agreement and who will destroy or remove 972 pounds (441 kilograms) of highly enriched uranium believed to be buried under nuclear sites that were badly damaged by U.S. strikes last summer.

The deal is also expected to include some sanctions relief and economic incentives for Tehran as it meets certain benchmarks aimed at assuaging White House concerns, senior administration officials said ahead of the two sides reaching an agreement.

Some Democrats and hawkish critics say Trump has failed to explain how the financial relief in his agreement will differ from what Obama did in the 2015 nuclear deal.

“For all his critique of JCPOA, we had international observers, we actually had an alliance there that included the Europeans, and Russia and China were all signatories,” Sen. Mark Warner, the top Democrat on the Senate Intelligence Committee, told CBS' “Face the Nation” on Sunday. “Now it is America going alone or going with Israel only, and that does not make us safer.”

Republican Sen. Lindsey Graham, a close ally of Trump and an Iran hawk, expressed skepticism, saying that Congress will need to review and vote on any nuclear deal with Iran, and said he expects Vice President JD Vance — “the architect of the deal” — to present it.

“I am somewhat concerned that Iran’s view of the agreement seems different than what the American negotiating team is claiming,” Graham said on social media.

Macron also invited Ukrainian President Volodymyr Zelenskyy for a working session with G7 leaders on Tuesday to discuss the Russia-Ukraine war.

At the moment, Zelenskyy is not scheduled to hold one-on-one talks with Trump while they're both in France, but Trump on Sunday held separate phone calls with Zelenskyy and Russian President Vladimir Putin.

Russian presidential aide Yuri Ushakov told reporters that Trump emphasized the need to end hostilities with Ukraine and stated his readiness to influence European allies and Kyiv toward that goal, including at the G7.

According to Ushakov, Trump also said that recent strikes on civilian targets in Russia complicate a settlement. The White House did not comment on the call.

Zelenskyy said in a statement posted on Telegram that he told Trump about how Ukraine’s position along the eastern front line has improved and strengthened.

“We agreed to discuss more during our meeting at the G7 summit,” he said.

Madhani reported from Geneva and Superville from Washington.

French President Emmanuel Macron meets members of the emergency forces, ahead of the G7 Summit, in Evian-les-Bains, France, Monday, June 15, 2026. (Christian Hartmann/Pool Photo via AP)

French President Emmanuel Macron arrives for the G7 summit in Evian-les-Bains, France, Monday, June 15, 2026. (AP Photo/Thibault Camus)

A view of the Hotel Royal where leaders will meet, ahead of the G7 summit in Evian-les-Bains, France, Monday, June 15, 2026. (AP Photo/Christophe Ena)

France Police officers control cars at a check point ahead of the G7 summit in Evian-les-Bains, France, Monday, June 15, 2026. (AP Photo/Christophe Ena)

France Police officers control cars at a check point ahead of the G7 summit in Evian-les-Bains, France, Monday, June 15, 2026. (AP Photo/Christophe Ena)

A view of the Hotel Royal where leaders will meet, ahead of the G7 summit in Evian-les-Bains, France, Monday, June 15, 2026. (AP Photo/Christophe Ena)

President Donald Trump gestures as he boards Air Force One, Monday, June 15, 2026, at Joint Base Andrews, Md. (AP Photo/Julia Demaree Nikhinson)

President Donald Trump departs at the conclusion of the UFC Freedom 250 on the South Lawn of the White House, Monday, June 15, 2026, in Washington. (AP Photo/Mark Schiefelbein)

President Donald Trump attends the UFC Freedom 250 on the South Lawn of the White House, Sunday, June 14, 2026, in Washington with Lara Trump, Tiffany Trump and Donald Trump Jr. (AP Photo/Alex Brandon)