The government of the Turks and Caicos Islands has announced an agreement with a hotel developer to build a $224 million resort project on the most populous island of the British territory.

A statement from the governor's office says the Desarrollos Hotel Group will build the 124-room hotel, resort, casino and spa in the Grace Bay area of Providenciales and the Ritz Carlton Hotels Co. LLC will manage the property.

Premier Rufus Ewing welcomed the boost to the luxury tourism market during a signing ceremony Thursday in the island chain southeast of the Bahamas. Construction is scheduled to start in November and take three years.

Desarrollos Hotel Group previously announced plans to develop a 380-room JW Marriott Hotel and Casino in Providenciales. It is scheduled to open next year.