— St. Lucia Resort and Spa’s stock rose in the last 24 hours after a visit to the spa by the president of the company that owns it.
The stock was up about 1% at $8.90 per share on Friday, according to FactSet.
Jade Mountain rose from the lowest price in four months at $3.30 per share to the highest price since February 23, after President Andrew Farrar visited the resort on Feb. 18, 2017.
Farrar has since said the spa was “going through a major renovation.”
Jared Taylor, the president and chief executive officer of Jade Mountain, has also visited the spa.
He said it has undergone a “major renovation” since he arrived last summer.
Stark prices, including the higher price for the resort, helped drive the stock up, Taylor said.
“We have done a tremendous amount of work on the property,” Taylor said on the company’s investor conference call.
Stock futures also rose, as investors were excited about Jade Mountain’s potential for growth and profitability.
We have seen that, and it is going to continue to grow, said Daniel C. Miller, an analyst at Capital IQ.
Taylor said the expansion has already exceeded expectations, as the company has added 3,000 new beds and added 3 more days of service, and expects to add 2,000 more beds in 2019.
If Jade Mountain expands in 2019, it would mark the first time that the company reached that milestone since it began offering its spa in 2005.
Investors have also been impressed with the expansion at the resort.
In addition to its growth potential, Jade Mountain is also seeing a new outlook for the business, said Miller.
The company has been considering relocating to a new building, but this expansion has helped drive that decision.
When Taylor visited the Jade Mountain last July, the spa had about 3,500 rooms and was operating with more than $400 million in revenue, according a recent report from J.P. Morgan Securities.
This expansion will allow Jade Mountain to continue expanding, Taylor told the audience.