Tucker’s Point President: 25 Economic Points

March 14, 2011

Tucker’s Point President Ed Trippe has responded to the various points made by the Bermuda Environmental Sustainability Taskforce [BEST] in reference to the Tucker’s Point Special Development Order [SDO].

Over the weekend, BEST had called for residents to contact Senators to speak out against the SDO, and provided over 70 points from their perspective as to why the SDO should not be granted.

Tucker’s Point responded to all of BEST’s points individually, and the replies dealing with the economic aspects follow below, with the remaining replies [historical, environmental] to be posted later today. The first point listed is from BEST, with the replies below each point from Tucker’s Point President Ed Trippe.

1. TPC is insolvent. Its lenders are on the verge of putting it in receivership, so TPC desperately needs to restructure its asset/debt ratio (i.e., increase its assets or decrease its debt) else it will be put out of business.

Similar to many companies in Bermuda and around the world, the 2008 financial crisis and subsequent world-wide recession has had serious consequences for Tucker’s Point. For the last 15 months, we have been engaged in discussions with our major lenders and with Government to secure a viable plan for the Company which has been reviewed by financial analysts in Bermuda, Atlanta, New York and London.

The key elements of the plan include the management of the Resort by Rosewood Hotels to achieve a higher rate of occupancy and higher room rates, the extension of existing loans made by local financial institutions secured by the existing real estate, the conversion of the Company’s subordinated debt into equity, and the enhanced value of the land designated by the SDO for future development.

2. If there is a sound financial plan, it ought to be made public. If there are business reasons for keeping the plan confidential, it ought to be reviewed by an independent auditor, whose reputation for integrity is generally accepted.

The financial plan has been exhaustively reviewed by the real estate and hospitality investment advisors who are involved with our business and understand the requirements better than any outside auditor. Additionally, the Government has been provided with detailed information on the Company’s business plan and model.

3. We need a public accounting/explanation of why this is the best option, among alternatives, balancing the interests of Bermuda/Bermudians (present and future) against the interests of the owners/developers/investors.

Government has insisted on total transparency in the review process, and this is the first SDO to undergo public scrutiny. There has been full public accounting and explanation of the SDO in its passage through Parliament which allowed for a full public debate.

The elected representatives of the Country in the House have already voted in favour of this bill by a vote of 21-10 and it now being put forward to the appointed upper house – the Senate – for a vote as required by the Bermuda Constitution.

4. The financial troubles of TPC have NOT been solved by the granting of SDOs on two previous occasions.

The previous SDOs granted to Tucker’s Point allowed for the initial development of the Hotel, the Golf Club, the Fractional Residences and residential homes which resulted in an investment in Bermuda of over $400 million. This investment generated a huge economic boost for Bermuda with Tucker’s Point employing over 800 different firms ranging from construction contractors to carpenters to import agencies to landscapers in order to create a five-star destination.

5. The granting of a further SDO will bail-out TPC to the exclusive benefit of its investors at Bermuda’s expense.

The SDO will benefit the Bermudian investors who account for 91% of the debt outstanding and employ hundreds of people on the island. It will also benefit thousands of other people who make a living from Bermuda tourism as it will be seen as a commitment by the people of Bermuda to attracting Rosewood which is considered one of the best hotel operators in the ultra-luxury market.

Over the last 20 years, Bermuda has lost thousands of hotel beds and has seen the number of flights to Bermuda collapse because it has failed to re-invest in its tourism product. Tucker’s Point represents the first major investment in Bermuda tourism since The Fairmont Southampton opened in 1972. It is unlikely that further investments will be made in tourism in Bermuda if the Tucker’s Point Resort fails.

6. The debt burden of TPC is significant and while the proposed housing developments might reduce the financial loss to Tucker’s Point, it will not save the hotel

The outlook for the Resort is excellent this year. Our bookings with business groups are substantial and we expect to be the leader this year in attracting families and individuals to Bermuda. We have budgeted to earn a profit on the Resort operations if the SDO is passed and Rosewood takes over the management of the Resort and this profit should grow significantly under Rosewood management in the years ahead.

7. Receivership could save the hotel and is likely to be a better option for Bermuda as the hotel could be purchased for significantly less than it cost to build, reducing debt repayments for the new owners and enabling the hotel to charge more competitive prices and become profitable in its own right.

Receivership for Tucker’s Point would actually be a disaster for Bermuda tourism not only for the Resort itself but for all of the other existing properties and those entities contemplating investing in Bermuda tourism. The negative news on receivership would have a direct impact on the plans of the airlines which serve Bermuda, the wholesalers and travel agents who send clients here as well as international companies who are considering setting up operations in Bermuda.

8. If the hotel goes into receivership, it is possible that no jobs will be lost.

Receivership is a legal situation where an outsider is appointed by the lenders to manage or sell the property. When such a situation occurs, it is more likely that jobs will be lost as the outsider struggles to find buyers or manage the company in the face of negative publicity.

9. It makes no sense to be building more and more housing stock and hotel rooms on virgin land in an already over-developed and urbanised Island while existing ones remain empty and fall into ruin.

The TPC residential community and hotel are hardly in a state of ruin. The resort continues to be viewed a world-class destination attracting wealthy clients some of whom have invested in the resort as their vacation home. The alarming rhetoric of our critics is for sure giving all potential investors in Bermuda cause for concern.

10. Even though TPC has already received two prior SDOs that were intended to make it economically viable, it is again insolvent with negative net worth of at least $60 million and its outstanding debt is growing $1 million larger every month. It is a failed business.

Tucker’s Point is not insolvent. Despite the adverse economy, we continue to pay our bills and have the support of our lenders. With the passage of the SDO and the new management of the Resort by Rosewood, we expect to have a positive net cash flow this year of more than $5 million.

11. Even with the most optimistic projections, the profit from building the new homes proposed under the SDO can only make a tiny dent in TPC’s massive debt outstanding

With the passing of the SDO bill through Parliament, we anticipate that over the next five to seven years, we can materially reduce the size of our debt which will allow the Resort to become profitable overall.

12. TPC’s bankruptcy is inevitable. The only thing that the granting of the SDO will do is delay TPC’s bankruptcy, probably by a year or two. That being the case, it makes little sense to even consider granting an SDO, particularly when you consider the economic and environmental harm that will flow from such an act

Bankruptcy is not inevitable. Granting the SDO will allow us to extend the business life of Tucker’s Point so that investors can recuperate their funds over time. Investors do not expect to recuperate their funds overnight but giving the hotel a lifeline will allow them to do this as our business models have projected. This is an economic advantage for the island, not an economic harm.

The continuation of Tucker’s Point will mean $30 million per year is pumped into the economy; this will not happen if a receiver takes over. There is no guarantee that new investors will be found, particularly given the negative publicity that the SDO debate has created.

Before any building occurs, we will carry out a woodland vegetation assessment. All endemic, native and ornamental plants will be protected. We’ll also carry out a habitat survey that will identify the habitats that are contained on the site. It will also identify the presence of any rare plants or animals, or a special habitat feature, which we will protect through a Conservation Management Plan.

We carried out an Environmental Impact Study in 2002, which showed we can build while still preserving the caves. However, we will hire a qualified cave survey specialist to update the study before we build. If a risk of damaging the caves becomes apparent, we just won’t build in that area. We are not sure of the environmental harm to which BEST is referring.

13. TPC has a reported 56% occupancy rate. What’s the plan for increasing the occupancy rate if they have more rooms to fill? They can’t fill the ones they have.

We have budgeted for an occupancy rate for 2011 of 63 %f which will be only our second full year of operation. Bermuda’s tourism business is very cyclical with low occupancy rates in the winter while we are completely sold already for many nights through the prime summer season.

14. If we want to help tourism and the workers at TPC, then we should do the exact opposite of what TPC and its lenders have asked government to do. We should kill the SDO and allow the market to function exactly as it is intended to function: allow new buyers to purchase the hotel on terms that make the hotel economically viable, and provide the Bermuda tourism market with a renewed vitality that will both help our economy and increase job security.

It is hard to see how the demise of another Bermuda hotel will ‘help’ the economy. The many former workers at the Bermudiana, Harmony Hall, Inverurie, Sonesta Beach, Glencoe, Waterloo House, etc. might point out that the closing of these hotels did little for their job security.

15. By granting an SDO that facilitates the addition of another 78 homes to the supply of houses for sale in a falling real estate market, government will cause house prices to fall even further, which means that not only will the houses built by TPR attract a lower price than similar houses presently on the market, but it also means that this increase in the supply of housing will likely cause a large number of other houses in Bermuda to fall in value.

Tucker’s Point market for residential homes has been targeted towards wealthy people both from Bermuda and abroad. All of our homes were built based on the demand from our clients and we have always secured a client before commencing construction. Notwithstanding the cyclical nature of real estate prices, we believe that our homes represent excellent value over time.

16. The addition of 78 new houses/condos to the supply of houses available in the market will hurt many Bermudians who are presently trying to sell their homes or merely hoping to keep their house prices above their mortgage debt so that the bank won’t force them into foreclosure.

As we focus on the high end market for residential homes, it is doubtful that our homes will compete with the homes of most Bermudians.

17. Landlords struggling to find tenants should also be warned that the granting of this SDO will make it that much harder for them to find tenants and will lower the rents they will ultimately receive from tenants, which may result in even more foreclosures for struggling Bermudians.

Most of our homes are used exclusively by their owners and are unlikely to compete with Bermudians trying to find tenants.

18. The Bermuda government by granting this SDO is actively facilitating the increase in the supply of housing in its falling market, thereby increasing the likelihood of Bermuda foreclosures and personal bankruptcies and indirectly causing further deterioration to Bermuda’s fragile economy.

In reality, the granting of this SDO will do exactly the opposite as it will afford the construction industry opportunities to employ many construction workers and therefore boost Bermuda’s fragile economy.

19. One of the biggest reasons for turning down TPC’s request for an SDO to build more houses and condos is that the entire plan is based on a failed tourism model that once worked for Bermuda but now adds little value.

The Rosewood model for ultra-luxury hotels is ideally suited for Bermuda. From Caneel Bay and Little Dix Bay in the Virgin Islands to Jumby Bay in Antigua and Las Ventanas in Mexico, the Rosewood approach to attracting wealthy clients is exactly what Bermuda should be focused on.

20. When you consider the limited amount of land in Bermuda and the little value that this type of tourism adds to our economy, it becomes clear that an SDO to build more of these houses will only add to an already inefficient and wasteful use of Bermuda’s land.

The attraction of wealthy families to Bermuda has been central to Bermuda’s success for over a century. The requirements for outside capital to pay for the many products and services that we import remains paramount to Bermuda and attracting wealthy families here is an excellent source of our badly needed foreign exchange.

21. Bermuda doesn’t need more empty houses. It needs a cost-efficient hotel that attracts more tourists, which is exactly what it will get if it says no to the SDO.

Our residential homes are only built after we have secured a buyer. We believe that the selection of Rosewood to manage the Resort provides the best opportunity to raise the return on the property.

22. The granting of the SDO to facilitate development on these lands will significantly decrease the value of the land to the people of Bermuda so that TPC can significantly increase the value of its interest in the land.

The land which we are proposing to develop is privately held and owned similar to most of the land in Bermuda and we are asking for development rights under the Planning rules in the same way as any other land-owner is required to do. It is clearly not in our interest to ‘decrease’ the value of the land in any way.

23. TPC will then use the increased profits from the use of that land to pay down part of its debt. In other words, the SDO causes the people of Bermuda to lose so that TPC can gain.

Tucker’s Point is seeking to develop the land that it owns to repay its debt to Bermuda investors. Bermuda in fact wins through the increased economic activity of construction work and the attraction of wealthy families to Bermuda.

24. Why should the people of Bermuda be asked to suffer economically in so many different ways just so that TPC can buy an extra year or two before going bankrupt?

We believe our financial plan is economically viable and provides for our financial stability for the long term which we also believe is in the interest of Bermuda.

25. If the previous SDO enabling the developer to build on Ship’s Hill has not had the predicted economic effect, what confidence can there be that this SDO will prove any different?

Unfortunately, there are few guarantees in the world of business as anyone who studies Bermuda’s history can appreciate. Whether it has been planting tobacco, building ships, raking salt, trading through the Americas, growing vegetables, serving tourists or attracting international business, Bermuda has always found a way to adapt and survive. We believe that our business of serving wealthy families is the best use for our land and resources and benefits all of Bermuda.

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Comments (47)

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  1. Margaret says:

    Once again, pure BS damage control spin!

    While the hotel was under construction in September 2008, I was given a tour with others and the majority of people that were working on site were guest workers . . . & those of Asian countries being very prominent. Remember, they had issues with one local contracting firm?
    Also Bda Properties have received breaks left right & center, so just wondering if the whole development received a break in duty on material for it’s residential units???

    Mr. Ed Trippe lives elsewhere in the world, this is OUR home that has little open space left and THIS HAS ALWAYS BEEN A REALl ESTATE DEAL from the start of his dad’s dreams in the 1950s. Plus they have had financial problems since the start of forming TPR after 911 . . . just another “pyramid scheme” at the expense of average Bermudians.

    Right now, the markets have become unstable again as they are predicting Japan, the third largest economy, will go into a drastic recession due to the recent earthquake & tsunami . . . It will be a domino effect around the world. So TPR’s so called residential market they are targeting for will be thinking twice about investing in properties overseas for quite awhile & especially in places located on an island.

  2. Hmmmmm says:

    The truth lies within: “Granting the SDO will allow us to extend the business life of Tucker’s Point so that investors can recuperate their funds over time. Investors do not expect to recuperate their funds overnight but giving the hotel a lifeline will allow them to do this as our business models have projected. This is an economic advantage for the island, not an economic harm.” My Government being used yet again for private gain. Could someone switch on Paula’s political antennae?! How many more bailouts of political foes will she engineer? Even without the politics this is a bad idea; add the politics to it and its a deathwish.

  3. W.T.F.??? says:

    I wonder how many PLP Ministers actually read these comments and wonder IF they are going to have a job next year paying over rated sums of money or are they going to ber looking for every penny they can find because they have been Voted OUT!!!

  4. My two cents says:

    Could someone please explain the point of voting on something when your party demands you vote a certain way? This seems null and void in regard to stating transparency

    • Hmmmmm says:

      Read the Gazette’s Editorial today. It alludes to the issues you raise. Interestingly though, Bill can’t bring himself to attack the Dale Butler who is getting a flogging in the community he loves to court. Its the system we signed up for and which in fact doesn’t go well with all this “transparency” that is so fashionable. Openness and transparency might be a good thing but the political scientists will tell you that superimposing it on the Westminster system is a mistake and a recipe for gridlock. Transparency is a starting concept not an add on to an entrenched system dating back to 1066.

  5. Kevin Comeau says:

    The response to Tucker’s Point is simple. Show us your financial statements and your loan agreements so that we can judge for ourselves whether you are on the verge of bankruptcy. Disclose the names of your shareholders and directors so we can see whom we are being asked to bail out.

    This is like someone going to their banker for a mortgage but refusing to disclose his income, expenses, assets or liabilities. The bank would simply say no until he disclosed all relevant financial information. Tucker’s Point should simply do the same. Give the public the information it requires to make an informed decision.

  6. My two cents says:

    WHO ARE TPC INVESTORS? Can someone please find out and let us know. If ANYONE in government is a part of this, then total CONFLICT OF INTEREST and is morally wrong and corrupt.

  7. My two cents says:

    This is another “we had to deceive you moment from our government”
    Why would anyone even listen to Mr. Trippe who will say just about anything to get this thing passed. Tell the truth about this WHOLE thing. Give the public names of investors, the financial s on TP as it currently and everyone should be asking the government and Mr. Trippe if this is 100% guaranteed that TP won’t fail if this is granted. If it can’t be 100%, then it definitely NOT worth it.

  8. Joe says:

    There are many points here (from TPC) I agree with. Bermuda’s tourism model is or should be as Trippe says. Wealthy foreigners coming in to stay in hotel rooms or houses, spending money and enjoying what Bermuda has to offer. This is a better market that the cruise ship visitor/casino concept. Perhaps they can both exist side by side. The problem seems to be one which is typically Bermudian: the way in which this has been done. A government little trusted in this area and a company that only now thought it useful to reach out to the community in which it operates. The Bermuda business investor is clearly HSBC, a distinctly non-Bermudian entity. If dialogue had been opened a year ago, things today would be different, but it didn’t and it is not. The tail has wagged and so the dog must get in line.
    What is most galling here is that TPC is allowed to do something that I cannot: build luxury homes for foreigners -or even buy a second home (freely) in my own country. We have truly created a two-tiered society. The PLP is simply mismanaging through its own confused, and perhaps self-serving, policies.
    I have no issue per se with new development; ecologically sensitive development I do. Let’s not confuse the two.It is not my place to tell TPC how to make money (or lose it), but I do have a right to believe that any new development is environmentally sound. The PLP is not to be trusted on its word here, hence the public disquiet. And so it is a circle: lack of trust, confusion over the principle of development/profit, and an owner who has a logical business plan to create opportunity. Of course, the development will go ahead, and so we must turn this apparent transparency to our benefit: all future development SDO’s (etc.)should involved a new process of inclusion, debate, and resolve. Get them at their own game, and turn this into an opportunity for the future. Battles are won and lost, but the war is far from over. Bermuda still has open spaces; tourism potential; and an increased need for both if we are to improve our situation. Let’s make sure there is not another Southlands, Morgan’s Point or TPC controversy in our future.

  9. Seriously says:

    The “Bermudian” investor is HSBC Bermuda. They took over the loan from Butterfield Bank when they were having issues during the economic crisis and as I’m sure we all know how Bermuda works – the Government must have promised HSBC Bermuda an SDO to Tuckers so they can make their return on that particular loan they took over from Butterfield Bank.

    And yes the CEO of HSBC is Ewart Brown’s brother and the Premier at the time was Ewart Brown. Bermuda is full of conflicts of interest.

    One thing – Mr Trippe is really working us over with the Bullsh1t card here.

  10. Sheldon Maybury says:

    I remember objecting to the building of the Ritz. That the Ritz was not built was a mistake with far-reaching effect.

    I believe that the same holds true for this project. Some opposition politicians made some brilliant arguments against the development and we are today reaping the benefits of this type of short sighted view.

    The People that own TPC have owned the land for quite a long time and they are not interested in the de-valuation of land in Bermuda, to suggest so is ludicrous.

    I say make sure they take care of the environment but let them develop, lord knows we need some success around here and like the Princess Hotels International in their day the Rosewood of today will well and truly put us on the map once again.

    • My two cents says:

      No short -sighted is building on the last 2 mil year old parcel of open land on a 22 square mile island that was never designated a metropolis.
      What is short-sighted is building more residential property on rock that is so hard that it costs twice as much to break open, what is EXTREMELY short-sighted AND DANGEROUS is building to create jobs on 22 square mile island that is already covered in concrete. All the tourists have is the natural beauty of the island. Can you tell me what successful business model would suggest destroying the very thing that bring people here? There literally are a bunch of idiots running the show known as the demise of Bermuda….. How about building on the spots were hotels are demolished? No answers to this question from the geniuses in charge. Hmm

  11. Ray says:

    I have no problem with the SDO and hope it is approved.

    I learned long ago not to listen to people who are doing well and have no concern for those of us who struggle daily.

    The possible closer of this property will not be good for Bermuda at all.

    I might aswell add that there are more people who agree with the SDO than people who dont, we just dont find the need to complain everyday through the media.

    This will be proven when at the next election nothing will change and the PLP will still be the leaders of this country.

    • My two cents says:

      “I learned long ago not to listen to people who are doing well and have no concern for those of us who struggle daily.”

      Oh, you mean people like our government ministers? Yes that’s why I don’t listen to them either. Good point:)

  12. Dragging A Lure says:

    You all love and fall for the absolute spin that B.E.S.T. has provided for an arguement. We are so blinded by their spin that we can’t tell the difference between the forest and the trees. The SDO objections is just a front for others to forward their silent political agenda. The same marchers that marched last year will be out in full force this week. The topic makes no difference.

    I do expect rant and ravings responses from the shepard’s followers.



    • My two cents says:

      Let’s see, throughout history WHO has mislead people more than any group the world over?? Governments or environmental groups??? Hmmm, that is a real tough call, a real brain buster isn’t it?
      The PLP are scared of an environmental group so they choose to demonize the group. This is quite funny actually and nobody really buys it, except the die-hards that are out of touch with reality.

      • Dragging A Lure says:

        My two cents,

        Check the protesters/marchers/leaders and you will see part of Bermuda’s history. Regardless of the subject, look at the outcome.
        Hmmm!!! Ha Ha Ha


        • My two cents says:

          Hi Drag,

          People protest because that is their right, simple really.
          These people protest because they aren’t scared, they want their voice heard REGARDLESS of the outcome. At least they can say they tried, more than a lot of the others complaining.

          • Dragging A Lure says:

            My two cents,
            I totally agree with the rights of people to protest. I also believe that B.E.S.T. has put a spin on the facts for the sole purpose of a diguised political agenda. B.E.S.T. are extremly competent in utilizing methods that rile up the emotions of the anti PLP crowd. It is heart warming to know that an organization like Tucker Point is making a real geniune effort to set the record straight in their point by point reply to B.E.S.T.’s highly opinionated environmental spin.

            B.E.S.T. case has nothing to do with the environment it’s only a diguise.


      • Hmmmmm says:

        Why is it that in Bermuda these days the group against one man on vote, each vote of equal value; the group against Municipal reform, the group against the SDO, the group against Brown, the group against the beach bar,the group against almost everything the PLP does consists of the same people…..environmentalists are really broad in their outreach these days.I don’t support the SDO but the imagery of these groups galavanizes my Government’s base every time.

        • Scott says:

          the reason is that the plp support team will support the plp no matter what they do, simply because they arent the old UBP.

          While you sit there thinking the same people with go aginst PLP for anything, you fail to note the voters that will support them in anything, good or bad.

          you are selling yourself out and opening saying it. You dont support the sdo, but your view of govt is strengthened because you dont like what you see at protests? Cant you just think with your own head and join them? because they are fighting against something that you supposedly dont support?? or do you just ignore your feelings, tail between your legs and get behind the PLP “us versus them” mentality?

  13. itwasn'tme says:

    I’ve not even bothered to read this story. Tripp and the other owners have nothing to offer Bermuda. Now he’s PLP friendly? These guys are hard core businessmen. They knew the risks they were taking. When things were good they prospered. Now that things are bad they want us (the Government) to help them out with an SDO that will ensure that they can pay big bad HSBC? Who the hell really runs the show here? When I realized HSBC had no pity on the Triminghams, I knew back then that Bermuda was finished…..in HSBC eyes, there is no black, white and ‘portagee’…..the only color they see is green.

  14. Hmmmmm says:

    Some of these posts prove that a little bit of information is a dangerous thing. Although it fits your jaded mindsets to pin this on Ewart and Phil, nothing could be further from the truth. Connect the dots people. The parent company of Tucker’s Point is Castle Harbour Ltd. They have shareholders like Bermuda Properties Ltd. The shareholders of BPLtd. probably reads like a Who’s Who of old Bermuda, with one or two exceptions. That’s why the conflict between MidOcean Club and Tucker’s Point is so fascinating. This kind of money is the real deal; this is Trippe family money at stake here and some old players with names direct from a Front Street era past. The PLP and its members are way out of their league with these investors; my people couldn’t get a seat at this table. That’s what is so irritating to many of us who see the Government doing the dirty work of political foes AGAIN. The only thing HSBC is getting out of this SDO is the increased value of the asset they’ll eventually be seizing….land with an approved SDO is worth far more than land without one when you’ll be trying to offload the asset in about 2 years time. Step away from the gutter politics that blames Ewart for everything for a moment and follow the damn money, the real money for a change.

  15. bernews says:

    We are going to interview Mr Ed Trippe, President of Tucker’s Point, this afternoon about the SDO, which as we know is a wide topic. If anyone has any specific questions they would like us to ask, let us know and we will ask them…

    Update: We are interviewing now, so have the questions, thanks….and we should have the video of Mr Trippe up answering them later today, or tomorrow.

    • My two cents says:

      Yes, can you ask him if this SDO gives a 100% guarantee that TP will be saved forever?

    • Hmmmmm says:

      Yes please. Questions:

      1.who are the main creditors of TPC and what is the planned scheme of arrangement if the SDO is approved and HSBC provides additional funding for the intended construction?
      2.What prompted you to bring Rosewood to the table after being independent from the beginning?
      3. In light of the significant losses and management failings, what management changes have the investors/shareholders demanded?

      Wonder if we have “the right to know”?

    • Rockfish#2 says:

      Please reveal the names of the Bermudian TP directors.

  16. Kim Smith says:

    I’m wondering what gains have been promised to the supporters/transporters of this SDO through the political machinery… surely they aren’t supporting a bunch of wealthy white guys for no reason??

  17. US Observer says:

    Kevin Comeau: I totally agree with your comment. Transparency means just that…SEE EVERYTHING!! And Understand…

    “Knowledge Is Power and When You Know More, You Do More!!!”

  18. RobbieM says:

    Mr. Trippe states: Tucker’s Point market for residential homes has been targeted towards wealthy people both from Bermuda and abroad. All of our homes were built based on the demand from our clients and we have always secured a client before commencing construction. Notwithstanding the cyclical nature of real estate prices, we believe that our homes represent excellent value over time.

    I wonder if he forgot about all those EMPTY units down on the Castle Harbour waterfront? They seem to have been built before securing clients to occupy them?

  19. Hudson says:

    When walking around the property, my daughter announced how much this reminded her of Dr. Seuss’ “The Lorax”. Here is are some excerpts to ponder:

    “Mister!”, he said with a sawdusty sneeze,
    “I am the Lorax, I speak for the trees.
    I speak for the trees, for the trees have no tongues,
    And I’m asking you, sir, at the top of my lungs” –
    He was very upset as he shouted and puffed –

    “What’s that THING you’ve made out of my Truffula tuft?”
    I am the Lorax! I speak for the trees,
    Which you seem to be chopping as fast as you please;
    But I also speak for the brown Barbaloots,
    Who frolicked and played in their Barbaloot suits,
    Happily eating Truffula fruits.
    Now, since you’ve chopped the trees to the ground
    There’s not enough Truffula fruit to go ’round!
    And my poor Barbaloots are all feeling the crummies
    Because they have gas, and no food, in their tummies.

    Unless someone like you cares a whole awful lot,
    nothing is going to get better. It’s not.

    Catch! calls the Once-ler.
    He lets something fall.
    It’s a Truffula Seed.
    It’s the last one of all!
    You’re in charge of the last of the Truffula Seeds.
    And Truffula Trees are what everyone needs.
    Plant a new Truffula. Treat it with care.
    Give it clean water. And feed it fresh air.
    Grow a forest. Protect it from axes that hack.

    Then the Lorax
    and all of his friends
    may come back.

    Now all that was left ‘neath the bad-smelling sky
    was my big empty factory…
    the Lorax…
    and I.
    The Lorax said nothing
    just gave me a glance.
    Just gave me a very sad, sad backward glance.
    He lifted himself by the seat of his pants
    and I’ll never forget the grim look on his face
    as he hoisted himself and took leave of this place
    through a hole in the smog without leaving a trace
    and all that the Lorax left here in this mess was a small pile of rocks with one word.

  20. stop the BS says:

    Mr. Tripp must think we are all stupid if he expects us to believe the people he intends to sell or rent these units to are wealthy vacationers. Ray Charles could see he intends to go after the high end IB execs,the same ones that currently rent homes owned by Bermudians. When you consider that Bermudians are not allowed to sell homes to Non Bermudians any more it gives a huge advantage to a select few (91% bermudian owned)who now play by different rules to the rest of us because they are pretending to be hoteliers. This nothing more than BS.

    • Hudson says:

      Sadly, the majority of us seem to be acting stupid, hence his belief…

  21. Margaret says:

    “Dragging A Lure”, what an appropriate name as TPR has been “dragging the lure” of it being all for tourism in the guise of a real estate deal! Just can’t believe you & OUR Government actually went for the lure . . . sad.

    • Dragging A Lure says:


      You and the other disciples have no problem accepting the distortion of facts from B.E.S.T. and the shepard. Purely political.


      • Margaret says:


        I participated in the Natural History Camp on Nonsuch in 1975 . . . I think I know a wee bit more than you about the evironment! So for the record, I’m not a member of any organization that is opposed to the TPR SDO

        I’m not politcal as you know thru our exchanges under your other names on FB, etc. The late Dr. Ball was a trailblazer, & in partucular for women, and she is why I’m not afraid to share my opinion . . . I’m not follower, hence why I’m not lured into it being all for tourism . . . it’s a real estate deal and has been since 1958. Do your research.


        • Dragging A Lure says:

          You have the wrong chap. I’m assuming FB is facebook. Never subscibed or participated in FB or Facebook. Wrong person. Someone is making a fool out of you. Dragging a Lure voices his opinion in The BermudaSun and Bernews. Explain to me what the corralation is between Natural History Camp on Nonsuch in 1975 and the distortion of facts by B.E.S.T. for political reasons.



          • Margaret says:


            Sorry, thought you might have noticed my comments on FB to RG.
            I learnt so much at that Natural History camp on Nonsuch . . . It was all about Bermuda’s Natural History or which OUR Environment is about . . . long before B.E.S.T. ever existed! In other words, B.E.S.T. is being far more truthful regarding protecting what ever little green space we have.
            So after conducting my own research and I having a mind of mine own, this TPR SDO is so wrong and is purely a real estate deal to attempt to bail out predominantly wealthy non-Bermudians. And doing “my sums”, I can’t see how they are going to make it and receivership is inevitable, meanwhile destroying the environment that is just as important for OUR well being.
            Incidentally, I have a family member who’s a token Bermudian on the Bda Properties Ltd. board and he has yet to convince me that it is likewise.
            Having worked in tourism 25 odd years ago, when conventions were the thing, I also feel, we have to improve our service & hospitality that we have lost. We have competion, and people want to travel where they are welcome, feel safe & is beautiful . . . we are losing the latter now too! An analogy would be we have wonderful public highschool facilities, but the majority of quality students coming is below par & that is sad . . . So no matter what the facilities are like, the service & hospitality can let us down and with no natural beauty, our tourism will be thumped further.

            • Dragging A Lure says:

              I humbly respect your opinion and please enjoy the weekend.


  22. Graeme Outerbridge says:

    It is very simple…MONEY trumps principle^^

  23. Peter says:

    I just want to thank Bernews for putting this is such a simple format. It strikes me that this is the public debate/forum that should have happened BEFORE it went to parliament. Once again Bernews bringing the issues to light.

  24. Aruna says:

    To be honest….we could make a billion dollars off of this….I’d still say no.

    • Seriously?! says:

      agreed. It’s not worth the destruction of this precious land. Once it’s gone, we can’t get it back.

  25. Seriously?! says:

    I don’t have a problem with development that is environmentally friendly, but it is ridiculous to invest more money in to building more homes and more hotel rooms during this economy. And as for recouping the money for the investors – they knew the risks (at least they should have) going into this. I don’t see why we should destroy precious acres of land that has been zoned as conservation land for a group of non-Bermudian millionaires. Especially when the rest of the world is promoting eco-tourism. Why don’t they invest the money in improving the hotel that currently exists and providing jobs for Bermudians instead of unskilled foreignors who are willing to work for $10 an hour or less? When the beach club ws closed down after the hurricane, some of the chefs werecatching feral chickens to eat as they had no money for food and weren’t being paid while the club was closed. If you want to provide 5 star service then you need to hire people who can provide it and that means paying them a competitive wage. TPC is seriously mismanaged and has been from the start and they way they treat their frontline staff is abominable.