Four Seasons rebirth

‘Naughty issue’ retarding project coming to an end - Sealy

The end could soon be in sight for the ‘naughty issue’ that continues to retard progress on the stalled Four Seasons project at Clearwater Bay, St Michael.

Minister of Tourism Richard Sealy said the legal issues that are holding back the project are likely to be untangled by the end of this year.   

As he has done in the past, Sealy said precious little about the legal hurdles that have plagued the on-again-off-again multimillion dollar project.

“That is a very naughty issue. It is complicated and it is something that we sincerely look forward to seeing something meaningful happen later on in the year,” Sealy told journalists yesterday on the sidelines of the 31st annual Sales Congress for the Caribbean Association of Insurance and Financial Advisors at the Hilton Barbados Resort.

It was in February that Sealy had said that a group that was interested in the property was at “a very advanced stage” of negotiations with Government for concessions, and with the various legal interests, although he could not say when Government was expected to divest its interest in the 32-acre property.

However, he was also cautious on the issue of a resumption date, stating then that it was not clear if all sides would get out of the legal maze in time for work to commence this year.

“It is not an easy scenario where you had the investors in the project versus the owners who had bought into the villas and a whole legal labyrinth had to be ironed out,” the minister said at the time.

The Central Bank of Barbados in January said Government was expected to take in $40 million from the sale of its interest in the Four Seasons property, which it took over after the developers had failed to attract the necessary funding.

The luxury hotel and villa project began running into difficulties in late 2008, and in December 2009 Government announced it would guarantee a medium-term bridging loan of US$60 million, most of which was to refinance and reschedule debts to some 300 creditors, the majority of which were Barbadian businesses.

The balance of the loan was to pay interest and fund the development and planning work that new financiers would have required. The loan was provided by ANSA Merchant Bank in June 2010 and extended to 2013.

6 Responses to Four Seasons rebirth

  1. Tony Webster May 24, 2017 at 2:54 am

    May I commend the Hon. Minister , for his stoic bravura, verve, and panache, whilst keeping a straight face, in delivering these Glad Tidings. Sorry….MORE glad tiding. Yes, Again.

    On the other hand, someone could’ve sold the Brooklyn Bridge, several times over, since Fifteen Seasons was due to be completed ” soon”.

    Reply
  2. Don Keyote May 24, 2017 at 5:29 am

    Now that, Tony, can aptly be said to be a “naughty” comment, whereas the Minister’s description of the Four Seasons issue as “naughty” can only be said to be, well, childish.

    But by some miracle, we may see the legal issues that are holding back the project untangled by the end of this year, just in time for elections. After all, God is a Bajan.

    Reply
  3. Harry May 24, 2017 at 6:26 am

    From Chris to Richard – good thing i didn’t hold my breath.

    Reply
  4. Milli Watt May 24, 2017 at 9:58 am

    very very very loooooooooooong sssttttttuuuuuppppssssseeeeeeeeee

    Reply
  5. Peter May 24, 2017 at 10:29 am

    Tony Web, my Grenadian friend, it may be tongue in cheek comment but cleverly put. I recalled when Gordon Butch Stewart wanted to purchase that hotel to start up Sandals but Ownd refused to permit a Casino on the property. It went through all the seasons and hear the next DLP leader….. It coming… Oh these promises that politicians make. He should start practicing to be Leader of her Majesty’s Opposition. DEM done and they know it. The two most popular things in Barbados today are Bills and Lies, also known as promises. Followed closely by taxes, unemployment poverty, nakedness crime. overlooked not managed cause he can’t manage nothing, by a man named Stuart. Sandals negotiating to sell out its brand. I waiting to hear more.

    Reply
  6. The Negrocrat May 26, 2017 at 6:46 am

    Tony may not be a Bajan, but he is a Barbadian, I am sure he has an 8P6 call sign.
    Anyhow. 15 season is as sure as the virgins that are reserved for a jihadist.
    It dead and done with.

    Reply

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