One of the Caribbean’s most exclusive resorts is now for sale.

The private-island Deep Water Cay resort has been listed for sale, brought to market by Colliers International Hotel Group.

The property is located in the East Grand Bahama National Park and just 120 miles from Palm Beach.

The property includes the existing resort and approvals in principle for a repositioning of the resort, along with approvals in principle for a second luxury resort that would include overwater bungalows.

Long a celebrity favorite, the resort was acquired by Deep Water Cay Holdings, Ltd in 2009; the company has since invested more than $18 million in improvements.

“It’s already an extraordinary property today but the opportunity for development is huge,” said Colliers International South Florida Broker Rich Lillis, who is marketing the asset on behalf of Deep Water Cay Holdings, LTD.  “It’s almost an extension to the South Florida fishing and tourism communities, just a short 40-minute flight away.”

The offering also includes 48 private, oceanfront residences lots, according to Colliers.

The aforementioned approval calls for the construction of 68 resort units, 23 custom-built residences, 20 overwater bungalows and expansion of the island’s existing 4,200-foot runway.

“The vision for the property is two luxury resorts, one with overwater bungalows and partial overwater spa and the other as Fisherman’s Village Resort,” explained Kent Schwarz of Colliers International Hotels who is also marketing the property with Lillis. “Key Approvals in Principle are in place and a Heads of Agreement is being finalized that will allow the transfer of these approvals to new ownership. These factors provide Deep Water Cay with the unique marriage of expansion and development opportunities with protected views and marine habitat.”

Colliers has been active in the Bahamian market in recent years, including the sale of the British Colonial Hilton to China Construction USA; the company has also been retained by the joint receivers of Baha Mar.

Deep Water Cay is among the top Bahamas hotels.