* In St. Thomas, Coral World has reopened following a $2 million refurbishment. The facility boasts a three-story observation tower, a circular tank with sharks and eels, and an underwater observatory.

* Planners can challenge participants with Bermuda's Outward Bound Teambuilding Program. On this excursion to Paget Island, operated by the Bermuda Police Department Outward Bound training force, the challenge includes a high ropes course, kayaking, and more. Between 40 and 60 attendees can participate.

* In Saint Maarten, corporate and incentive groups can charter America's Cup yachts at the St. Maarten 12-Metre Challenge in Philipsburg. Sleek vessels, including Dennis Conner's Stars and Stripes, winner of the 1987 America's Cup, are crewed by groups of 18 guests. After a quick practice run to test newly learned skills, the crews compete in a race that lasts about 45 minutes.

* In Puerto Rico, groups of up to 1,000 participants looking for a historic setting will find it at Fort San Jeronimo, a medieval fortress that juts out over the sea and the Condado hotel area. For pure elegance, groups can head to the Old Casino, the official government reception center. The Louis XIV-style mansion features a white marble ballroom and accommodates 400 attendees.