Friday, January 22, 2010

Call it a bailout, Caribbean style: The Wall Street Journal Examines Four Seasons Barbados

"Call it a bailout, Caribbean style.
Barbados, a popular vacation spot for the affluent, is bailing out the troubled Four Seasons luxury-resort development on the tiny island. Construction of the project stalled a year ago as financing dried up and sales of its private villas slowed, after initially attracting a cast of celebrity buyers.
In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government ultimately will end up with a 20% equity stake in the project..."

Read more: http://online.wsj.com/article/SB10001424052748704423204575017191067750712.html?mod=WSJ_business_whatsNews
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Wednesday, January 20, 2010

Elegant Hotels Group Appoints Andy Howard GM Tamarind Cove Hotel

"The Elegant Hotels Group has today announced the appointment of Andy Howard as general manager of Tamarind Cove Hotel, a luxury 110 room property situated on a 750 foot white sand beach on the west coast of Barbados. The Elegant Hotels Group owns and operates a collection of five distinctive hotels on the south and west coasts of Barbados.

A native of Barbados, Andy has many years of luxury resort experience and was most recently general manager of Grace Bay Club, a 5-star hotel located in Providenciales on Turks & Caicos. Previously, he worked as food & beverage director for Carlisle Bay Resort in Antigua, Peter Island Resort in the British Virgin Islands and Sandy Lane in Barbados..."  


Read more: http://www.hotelinteractive.com/article.aspx?articleid=15939
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Sunday, January 3, 2010

Four Seasons Barbados Gets Government Bailout

"Information reaching the Barbados Advocate has revealed that construction on the project, which ran into financing difficulty in 2009, will re-commence this year, after a deal was struck. The deal involves a refinancing plan, which was reached with lenders, creditors, private residence owners, shareholders and developers. The agreement, which was confirmed by Prime Minister David Thompson, who is also the Minister of Finance, involves Government supporting the refinancing efforts to complete the project. The arrangement in part will allow Government to gain an equity share in the project, while guaranteeing the repayment of the loan, with strict conditions being in place..." Click here or on the newspaper images below for more.

See also: RESORT DEAL
Links:





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Wednesday, December 30, 2009

Simon Cowell's £15m nightmare in paradise ..."




"At the moment, it certainly doesn't look like paradise. Known locally as Black Rock, it remains a spread of rubble and weed, with unfinished roofs and unglazed windows. Hummingbirds, doves, bats and lizards enjoy it for now.
Still, Cowell wishes he was there. This was to be the year when he laid claim to his own home on Barbados - complete with an infinity pool, his own butler, housekeeper, gardener, chef and maids.
He had put down £15million - all in cash, as Cowell makes a point of never taking out a mortgage or any other loan.
The question now is, will he ever see that money again - or receive the keys to what he had hoped would be the finest holiday home money could buy?"

Read more: http://www.dailymail.co.uk/tvshowbiz/article-1239043/Simon-Cowells-15m-nightmare-paradise-dream-Caribbean-hideaway-leave-hugely-pocket.html?ITO=1708&referrer=yahoo#ixzz0b99vnnOS

See also:  Simon's Villa Progress or No Progress

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Friday, December 25, 2009

Bleak Christmas On West Coast

Simon Cowell is here, and so is Roman Abramovich and many other celebrities but their star power is dimmed but the darkness of the Global Economic Recession still hanging over the West Coast and indeed the rest of Barbados.  Government tried to lift spirits yesterday by issuing a vague statement about the restart of the Four Seasons project, but it has been whistling that same tune in the dark for the last eleven months.  The brief bulletin  this time said:

"Work on the stalled Four Seasons development at Black Rock, could be resumed early in the New Year.  CBC understands that several parties to a plan to re-start the multi-million-dollar tourism project are likely to sign off on the deal before the end of this year.  If this happens, our sources say work is likely to restart in the first quarter of 2010.  Over 700 workers were sent home in February 2009 after the project ran into finical difficulty.  Since then, a group led by Barbadian Professor Avinash Persaud has been trying to raise financing so that the project could resume."  CBC TV News


It is doubtful whether Four Seasons will continue to associate its flag with this project for very much longer.  As an asset it may now be even more toxic and hazardous than the gas tanks under which it sits in Black Rock.

Another near West Coast project in similar 5-star luxury brand jeopardy is Banyan Tree golf and villa project at Black Bess (Black Rock, Black Bess, hmmm...).  The company behind this project has long since sold its crown jewel when it got rid of the beachfront property on Mullins Beach it had earmarked for the beach club for the "uber-cool."  Now rumor has it that Batalleys Mews - the 30-condo project  ("townhouses") this company constructed just off Mullins is now in receivership.  An accounting firm is now running the show there.  This can only be bad news for Black Bess.  Meanwhile, into this bleak financial climate, St. Peter's Bay (only a stone's throw away from Battaleys Mews) is preparing to launch 60 more condos - not that they weren't advertising them for sale for at least the last five years.  
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Thursday, December 3, 2009

Apes Hill Adds Nine More Holes


Prime Minister David Thompson officially opened the new 18-hole golf course at Apes Hill yesterday.  Nine holes were opened this time last year so this opening represents the opening of the remaining nine holes completed this year.  The clubhouse is yet to be built but we are told a temporary one will soon be in place.  From some of the comments made yesterday it is now clear that the residential component of the development never reached anywhere near to rosy picture painted by the developers even before the current recession.  That fact has not stopped the developers from launching a new round hubris and hyperbole trying to sell the property.  They are already calling the course "one of the best in the world."   Don't laugh, at least it has come a long way from a COW pasture. 

Links:
Barbados Advocate 12/03/09 Page 1, Page 4, Page 5
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Monday, November 23, 2009

The Truth About The Beach At Beachlands

“Beachlands is scheduled to commence building construction in Easter 2010. The work that has been completed on the beach preservation and enhancement has paid significant dividends and that strip of beach is certainly amongst the best on the island. This project has already attracted some of the wealthiest of Barbados’ international clients. When you know Barbados, Beachlands will likely be at the top of your list of places to call home.”


This is what the beach at Beachlands looks like today:



 Barbados TravelAdvisor • View topic - Predictions for Barbados property development in 2010

Posted using ShareThis
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Thursday, November 12, 2009

Construction On Banyan Tree/Black Bess Golf & Villa Project Causing Local Headache




"CONSTRUCTION ON THE SITE of the $600 million Banyan Tree Hotels & Resorts Ltd at Black Bess, St Peter, has taken a toll on 82-year-old Gellispie Springer.
Springer, who lives below the site at Upper Rock Dundo, St James, said her life has been disrupted by falling boulders and mould, loud noises from bulldozers and now a mass of water.
Whenever it rains, water gushes down the cliff above her and floods around her house and the road.
"If you see how the water rush down from there and flood my whole yard; I had to say Lord have mercy!" the elderly woman cried as she pointed to the cliff which is about 50 to 60 feet high..."

Click here for entire NationNews.com article.

Who knew that this project was restarted? Last we heard this project was shuttered and/or abandoned because of the recession. Be that as it may, the headache it is causing this old lady is another episode in a long string of problems construction on luxury tourism developments on or near the west coast have caused for locals and the environment. Some people in the area still blame a massive flood and rushing water which swept through the village of Weston, St. James several years ago washing one chattel house out to sea and drowning its occupant in the process, on construction related issues at the Royal Westmoreland golf and villa project. There has been no end of headaches for locals with the Apes Hill/Waterhall project involving everything from dry water taps to pushing people off lands. And, of course, the nightmare created in Road View/Mullins by the St. Peter's Bay condo project has been well documented on the Mullins Bay Blog. In all of these and other cases Government has stood aside with its arms folded and mouth shut - it too a victim and sometimes facilitator of the greed that currently grips Barbados by the throat.
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Sunday, November 8, 2009

New West Coast Boardwalk Already Buried In Sand And Rocks


Click image to enlarge


Click image to enlarge

Without much fanfare the new West Coast Boardwalk in Holetown was opened to the public recently, but that did not stop Mother Nature from "welcoming it into the fold" by way of some northerly swells which battered the west coast for several days last week burying large swaths of the concrete, steel and granite boulder structure in sand and large rocks.  As the photos above taken yesterday illustrate it is already forcing patrons to gingerly climb on top of curbs and otherwise find ways to bypass the obstructions.  We have seen this sort of thing with the South Coast Boardwalk already, so here we go again...

 

Click image to enlarge

First, however, let me highlight what I think are some of the positive things about the new boardwalk.  It is a fantastic place to watch our famous west coast sunsets.  Ample sitting has been provided particularly on the section between the old Holetown Chefette and Beachlands for locals and visitors alike to relax and take in those magical moments as the sun goes down in the evening.  In doing so this boardwalk has reopened for all to enjoy a huge section of our coastline which was lost to beach erosion and other impediments like seawalls and rock revetments, etc.  Even though there are no wooden slats like those on the south coast boardwalk already many people are utilizing the new concrete path for walking, jogging and otherwise getting in or staying in shape.  Theoretically, one should now be able to walk on boardwalk or sandy beach from the area around Discovery Bay Hotel in Holetown in the north clear through to Sandy Lane and Paynes Bay in the south.  Whether that is yet practical is another matter.


    
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For that reason some have already labeled it "the boardwalk from nowhere to nowhere."  It starts in the north near Zaccios Restaurant (formerly Cocomos), in my view destroying the little sandy beach that was already there, and continues south to the old Chefette where the paved walkway stops and the sandy beach that was there widened and lengthend.  It starts back behind the old Regent Hotel and ends in a pool of water at Beachlands.  Most of it is really a granite rock revetment which gives the whole project the look and feel of a cliff walk - something you would expect in St. Lucy on the north coast or parts of St. Philip and Christ Church in the southeast of the island.


 
Beachlands End 
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Sandy Beach in front old Chefette and former Regent Hotel







Click image to enlarge

I think the jury is going to be out a long time deciding whether this boardwalk is a good thing or bad thing.  It does present an ugly straight line and rocky front when viewed from the ocean with very little sandy beach gained for all the effort.  For those of us who remember the sandy beach that existed for almost the entire length of this project the question therefore is:  Where is the beach?


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Sunday, October 25, 2009

Michael Winner Disses The Cliff Again




"Some people would place The Cliff at, or near the top of their list of favourite restaurants in Barbados. It sits overlooking the sea. It is owned by Brian Ward, whose family once had Treasure Beach Hotel. I think it's over-rated. Run by pompous, arrogant staff. Last time I went my so-called New York cut steak was three pieces of overcooked monstrosity..."

Click here for rest of story and feedback.
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