Butch mum on pending Sandals sale

Founder and Chairman of the internationally acclaimed Sandals and Beaches Resorts Gordon Butch Stewart is not about to disclose how a possible sale of majority stake in his Sandals Resorts International (SRI) could affect pending construction of the long awaited Beaches Resort in Barbados.

Last week, the London headquartered international news agency, Reuters, citing sources, reported that Sandals had hired investment bank Deutsche Bank AG to explore several options, including the sale of majority stake in the company.

That report also said the company could be worth well over $1 billion, including debt.

Sandals has since issued a one-paragraph statement to the Financial Gleaner in Jamaica, neither confirming nor denying the reports.

“Sandals Resort International is exploring options to accelerate the company’s long-term growth and development plans. This is not new. Meanwhile, it’s business as usual,” the statement said.

The Jamaica-based hotel chain started construction of its second property here, the Sandals Royal Barbados at Dover Woods, Christ Church, which is due to open in December this year.

The US$160 million project started out initially as an expansion to its neighbouring Dover, Christ Church Sandals Barbados property, which was opened in November 2013.

The new hotel is expected to employ approximately 600 people when opened, brining the Sandals workforce here to about 1,200.

SRI has also promised the construction of a Beaches hotel at the once popular 500-room Almond Beach Village Resort in Heywoods, St Peter.

However, when contacted by Barbados TODAY Monday afternoon to confirm the pending sale of the company and how it could impact the highly anticipated Beaches project, Stewart declined to comment.

Pressed on the matter and asked if the Beaches development were still on the cards, he would only say “we already made a statement”.

Sandals operates a number of brands, including 24 properties across the region, including Antigua, the Bahamas, Grenada, Jamaica and St Lucia.

14 Responses to Butch mum on pending Sandals sale

  1. jrsmith May 16, 2017 at 4:39 am

    All this corporate time wasting junk , does it matter who sells what to whom when it comes to (Sandals) they do what they like, its like it or lump it……….we have more serious problems pending………….

    Reply
  2. Sharon Taylor
    Sharon Taylor May 16, 2017 at 5:25 am

    This is what happens when u give way d silver… Were we smart enough to put in a clause in that sweet azz deal in case Sandals was sold?

    Reply
    • Cherylann Bourne-Hayes
      Cherylann Bourne-Hayes May 16, 2017 at 5:43 am

      Yeah right. Could not see past the money right there.

      Reply
    • Sunil Brome
      Sunil Brome May 16, 2017 at 10:24 am

      Wishful thinking but we all know that ain the case. Maybe there’s some commissions to go around for sweetening Butch’s deal. I mean a hotel with years of duty free must be really attractive.

      Reply
    • Ovid Forde
      Ovid Forde May 16, 2017 at 10:32 am

      As I argued before. Add up all the sweetheart deals and the government backed loans that are now on the books and you will see why we are so deeply in debt

      Reply
  3. Rawle Spooner
    Rawle Spooner May 16, 2017 at 6:46 am

    After getting guaranteed years of sweet concessions in the millions thanks to slimy politicians now something slimy about to go down.

    Reply
  4. Sunil Brome
    Sunil Brome May 16, 2017 at 7:58 am

    I am thinking Sandals (Barbados) would be an attractive deal for investors with that Duty Free consessions still running for many more years to come. I wonder if our Government found it wise to exclude said conveyance on possible sale?

    Reply
  5. Rene Gade
    Rene Gade May 16, 2017 at 8:33 am

    Saw this coming over the Himalayas before the ink was dried. I’m sure Butch saw it too but those sweet deals he got probably clouded his judgement.

    Reply
  6. Desiree May 16, 2017 at 12:42 pm

    1200 workers hmmm. How many will be bajan? Last I checked sandals only had about 4 bajan managers on property. They love to create jobs titles so they can bring in foreigners. Sighhhh this hotel does nothing for our staggering unemployment rate

    Reply
  7. Alex Alleyne May 16, 2017 at 1:13 pm

    “We already made a statement”. That’s how the rich folks speak.

    Reply
  8. I in know too good May 16, 2017 at 9:00 pm

    This remind me of flow and slime

    Reply

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