"Half the time we just stumble upon something and fall in love with it," says Adam. The Stewarts are upgrading the island's six villas and clubhouse, and plan to add a spa. A villa that sleeps six rents for $20,000 a week. Another three resorts—in Turks and Caicos, and Negril and Port Antonio in Jamaica—are expected to be completed by 2012.

Royal Plantation resorts are smaller, and have twice the staff-to-guest ratios of Sandals and Beaches. The company has partnered with the Guild of Professional English Butlers Association to ensure top-notch service. At the Royal Plantation Ocho Rios, beach butlers serve up fresh mango drinks, chilled towels, and rosewater face and body mists to lounging guests. 

But the Stewarts must break into a slice of the Caribbean market dominated by brands including the Ritz-Carlton and Marriott, as well as one-off boutique hotels, such as The Caves resort in Negril. It's difficult to stand out in luxury when Mercedes-Benz transfers, oversized bathrooms, and personalized service, all of which Royal Plantation offers, are the norm. Then there is the nagging issue of the economy.

"There is often a collision course when a downturn in the economy crosses paths with a high-end hotel launch," says Diane Clarkson, a travel analyst with JupiterResearch. "This is a tricky time for a launch." A recent survey by the New York-based research firm found that 30 percent of leisure travelers said they would travel less frequently, and those that continue to travel said they would be more economical.

The luxury segment is typically more resilient. An April survey of well-to-do households by American Express Publishing and the Harrison Group found that, while many were insulated from recent economic shocks, they were nonetheless saving more and scrutinizing spending. Still, the wealthiest—with annual discretionary household incomes of $500,000 or more—planned to spend more on vacations and getaways.

The Stewarts say they haven't seen any downturn in their business. Occupancy rates have hovered between 92 and 97 percent so far this year, and the company expects to welcome a million guests through its doors in 2008. "We've built up a reputation, and that carries you through the hard times," says Jaime. After a pause, she adds, "It would be naïve to think it won't eventually catch up with us, so that's why we keep our ear to the ground."

If it does, the Stewarts are ready. In June, they launched their latest venture: Grand Pineapple Beach Resorts, a new line of resorts for the economy segment.