Hashtag: #Par-la-VilleHotelProject
$18 Million Investigation: 41-Year-Old Arrested
The police confirmed they are conducting a “criminal investigation into an allegation of misappropriation of funds amounting to approximately $18 million” in the Par La Ville Hotel matter, and a 41-year-old male from Smiths Parish “has been arrested on suspicion of theft.” $18 Million Loan Not Paid Back MIF, an overseas company,... Read more of this article
Statements Detail Circumstances Of $18M Loan
There is “substantial doubt” about the Corporation of Hamilton’s [CoH] “ability to continue as a going concern” if forced to repay the $18 million debt out of current income, and the debt is presently accruing interest at the rate of $3,452 per day. This was stated in the CoH’s most recent financial statements, which... Read more of this article
Michael MacLean Makes Allegations In Affidavit
[Updated] Michael MacLean — the developer involved involved in both the City Waterfront and the Par-La-Ville project — had made a number of allegations in his second affidavit pertaining to the lawsuit over the Waterfront. Mr. MacLean is presently involved in two legal matters; he launched legal action over losing the waterfront lease and is... Read more of this article
Mayor Outerbridge & Argyle On $18 Million Loan
Argyle Limited, Argyle UAE Limited and Mayor Graeme Outerbridge have released an extensive press statement over the circumstances surrounding the $18 million loan, saying the statement is to “correct matters stated to the press by Minister Fahy.” Late last month, Minister of Home Affairs Michael Fahy issued a statement about the circumstances... Read more of this article
Minister Fahy: Par-La-Ville Car Park & $18 Million
Today the Minister of Home Affairs Michael Fahy issued a statement about the circumstances surrounding the $18 million loan and the Par-La-Ville car park, providing a breakdown of the situation, including information about some of the financial transactions. Last year, Mexico Infrastructure Finance LLC [MIF] extended an $18 million loan to Par-la-Ville... Read more of this article
PLP: “Eerie Silence From OBA” On $18 Million
[Updated] “There has been an eerie silence from the OBA on this matter. More than 2 weeks after Minister Michael Fahy informed Bermudians that the $18 million dollars isn’t where it should be, and deflected blame to others, it is wholly unacceptable that there has been no move by Premier Dunkley or Minister Fahy to provide additional information,”... Read more of this article
“Potential Power Of Sale” Over PLV Car Park
Speaking on the Par-La-Ville car park being placed under receivership due to an outstanding $18 million loan, Home Affairs Minister Michael Fahy said “there would be a potential power of sale.” Last year, US-based Mexico Infrastructure Finance LLC [MIF] extended an $18 million loan to Par-la-Ville Hotel and Residences Ltd [PLV], with the... Read more of this article
Par-La-Ville Car Park Taken Over By Receivers
[Updated] Following the non-payment of an $18 million loan — which was backed by the Corporation of Hamilton — KPMG has been appointed as Joint Receivers over the Par-La-Ville car park. In a statement today [April 10], KPMG said, “Pursuant to a mortgage over the property known as the Par-La-Ville Car Park, Mike Morrison and Charles... Read more of this article
Legal Action Launched Over Development, Lease
Two planned developments — the City Waterfront and the Par-La-Ville Hotel — are the subject of legal proceedings, with Michael MacLean’s company launching legal action over losing the waterfront lease, while another company Mr. MacLean is involved in is the defendant in legal action correlated with the Par-La-Ville development. Citing... Read more of this article
Govt Tables Motion On Par-la-Ville Hotel Project
Government today tabled a motion in the House of Assembly to authorise the giving of a guarantee of up to a maximum of $18M by the Corporation of Hamilton, for the purpose of developing a hotel on the site of the Par-la-Ville car park. The motion is in accordance with section 37(1) of the Municipalities Act 1923, The current hotel project has been under... Read more of this article
Minister: ‘Giant Leap Forward’ For St Regis Hotel
Today [May 15] Minister of Business Development and Tourism Wayne Furbert announced the signing of an agreement between the St. Regis Hotel developers and the international financial group responsible for advancing the monies needed for the construction of the new luxury property. The planned construction of the St. Regis will be on the site of the... Read more of this article
Lease Signed For Par-la-Ville Hotel Project
During a press conference last week held to sign an agreement to lease the Par-la-Ville Car Park to developers who will build a luxury hotel resort and residence, Mayor of Hamilton, Charles Gosling stated, “I am happy to stand here today, on behalf of the City of Hamilton to sign this lease, which will help to ensure that a hotel is built on this... Read more of this article
Minister Updates On St. Regis Hotel Plans
Minister of Business Development and Tourism Wayne Furbert said his Ministry had made “considerable progress in bringing construction of a new St. Regis Hotel for Bermuda closer to being realised.” Minister Furbert said, “We have put the hotel developers together with the Mayor and Corporation of Hamilton and have urged them to find common... Read more of this article
Premier: $2.2B In Hotel Development Planned
Premier and Minister of Tourism Dr Ewart Brown held a press conference today [Oct 26] to address the Tourism third quarter. One of the things he addressed was hotel development saying there is “approximately $2.2 billion earmarked for hotel development on the island for the next 10 years”. The Premier continued on to say that “despite... Read more of this article
