Four Seasons investors holding on
No villa investors have pulled out of the Four Seasons project so far despite the uncertainty and numerous setbacks encountered since the project was halted in February 2009.
However, Paradise Beach Limited executive chairman Avinash Persaud said he “wouldn’t be surprised if a couple do”.
He was speaking to BARBADOS BUSINESS AUTHORITY following a signing ceremony to mark the disbursement of a $120 million credit facility from ANSA Merchant Bank last Monday.
Persaud said before work stopped, 16 residences had been sold for around $30 million each, resulting in over US$200 million in two years.
And with construction set to resume early next year on the 32 acres of prime beachfront land at Black Rock, St Michael, Persaud said he was confident there would be more sales.
He noted that while the original plan for 35 villas may be amended, “US$200 million worth of villas” will be sold.
Persaud said villa sales will no longer determine when the hotel is constructed.
“The reason why we have loans is to allow the hotel to be delivered as early as possible [instead of] waiting on the sale of villas in a depressed economic environment,” he said, speaking to the media.
Persaud said while it is up to the board, it is likely he will be in charge of the project until the hotel is opened “because getting to that point will be fraught with all kinds of issues, some of which we can’t predict today.”
He said rebuilding trust with villa owners, suppliers and Four Seasons has been critical but “once the hotel is opened, it becomes a different kind of project”. (NB)
HERE, PARADISE?BEACH?LTD?CHAIRMAN AVINASH?PERSAUD (centre) signing for the disbursement of the $120 million credit facility from ANSA Merchant Bank while board member George Reifer (left) and ANSA Merchant Bank executive director Gregory Hill look on.