Venture capital firm, Pacific Investment House (APIH), has successfully completed its round one funding for a new resort in St Kitts & Nevis in the Caribbean, raising the US$50m (£33m, €38m) target.

With a total budget of around US$250m (£164m, €192m), the Resort Development Paradise Haven, will be built on a 500 acre (202 hectare) eco-friendly site in Nevis. It will include a hotel, health and wellness spa, spa cluster villas, internationally branded eco rain forest hotel and lodges, golf hotel and club house as well as a medical centre and resort beach.

International resort and spa management and development company, Six Senses, has agreed to participate in the project.

The resort will also offer luxury villas, condominiums, retirement and family residences as well as a signature 18-hole golf course.

The first of the four stage construction phases is anticipated to be operational during 2013/14.