Coral Beach & Horizons Sold To New Owners
After spending ten months in receivership, Coral Beach & Tennis Club and Horizons & Cottages have been sold to new owners, with a subsidiary of New York based firms buying the Paget properties.
In February 2013, Coral Beach & Tennis Club and Horizons were placed into receivership, with Mike Morrison and Charles Thresh of KPMG Advisory Limited appointed Joint Receivers.
Today they announced the sale of the companies holding the leasehold interest in Coral Beach and Horizons to CBC 2013 LLC, a subsidiary of Three Wall Capital, LLC and ROC Group, Inc.
Three Wall Capital is a New York based boutique hotel investment firm with interests in other leisure properties including Mayflower Inn and Spa in Connecticut, and the newly opened luxury New York hotel The Quin. ROC Group is a New York based investment firm focused on opportunistic real estate investments.
Charles Thresh, Joint Receiver and Managing Director of KPMG Advisory Ltd in Bermuda, said: “Following a ten month receivership period, it is extremely satisfying to have concluded the sale of the operations of both the Coral Beach & Tennis Club and Horizons & Cottages on a going concern basis.”
Mr. Thresh continued, “The Coral Beach & Tennis Club is a landmark Bermuda property and Members’ Club, and is of significant importance to the Bermuda economy.
“As such, it is particularly pleasing to have been able to operate the Club successfully on a ‘business as usual’ basis and achieve this sale, putting the Club and properties in the hands of new owners to secure a long term future.
“We would like to thank all of the loyal staff for their unwavering efforts and support throughout the receivership period, at what can be a difficult and uncertain time for employees.
“We also extend our thanks to the dedicated membership of the Club, and its suppliers, whose continued patronage and support was vital throughout. We wish the new owners, CBC 2013 LLC, every success with their acquisition.”
L-R: Coral Beach Club Managing Director Tim Thuell, Principal Three Wall Capital LLC Timothy Dick, Premier Cannonier, and Bermuda Tourism Authority Chairman David Dodwell:
![photo[1]](https://cloudfront.bernews.com/wp-content/uploads/2013/12/photo11.jpg)
Premier Craig Cannonier said, “Today marks another vote of confidence for Bermuda and our tourism product.
“The sale of the Coral Beach & Tennis Club and Horizons & Cottages to the Three Wall Capital and the ROC Group is further evidence that the country is moving in the right direction. Both properties are vital to our tourism industry.”
Alan Kanders, CEO of Three Wall Capital, said, “We are thrilled to be taking over Horizons & Cottages and Coral Beach & Tennis Club in Bermuda. Both Bermuda and Coral Beach Club have been synonymous with luxury, service and hospitality for a number of years.
“As the new owners of Coral Beach Club we seek to pay homage to the past yet firmly embrace the standards the world has come to expect in 2014, we intend to create a product all Bermuda can be proud of.”
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This is a nice way to end the year . . . A tourist property sold with hope! Now let’s hope it does not turn into another real estate venture.
with gaming on the horizon and confidence of foreign investors in the OBA Government we will continue to see capital coming into the market and the jobs that follow…no shakedowns no 10%ers..
Actually Navin, avoiding the referendum in such an arrogant way, was just another step by the jetgate 3 towards their objective… Remember your beloved string along premier can’t keep his stations from running out of gas, and he isn’t getting the help from the string pullers the way, say, John Swan did. I think casinos are a major payoff for the jetgate 3. That’s the ONLY motive that makes politicians act like dictators.
My mistake…what am I thinking….confidence in Bermuda is rising, thanks to the UBP…..OBA. Ok, I got it. Now if I repeat it enough, like magic, it will be true. Thank you Santa for the Oba Disney world gift.
Oh no! I thought it was Disney world, but it turned out to be Demon World, staring the jetgate 3!
Nice! Meanwhile the economy requires investment to recover.
But keep rambling about random stuff that really has no relevance to improving the dire situation that the previous administration had left us all in.
Marc! Is that you?
I think we may be seeing investors starting to have confidence again.
I am glad someone is willing to invest in Bermuda
all they got to do next is get their plans approved by
stuart Hayward and best
Great way to start the New Year.
I know nothing ever lasts forever, but I will miss the old CBC and I’m sure I’m not the only one. Farewell, old friend.
Good for the Premier for helping push this through.
Where does it say he did that?
I was told by a CBC member that he helped secure this.
Anyway, isn’t this in one single deal more than the last lot achieved in 15 years of tourism lies?
If this announcement impresses you so, then your name is well-earned and most apt. Drop the “er” and add a “y” and we’re good.
Excellent news. Yet another sign that the turnaround of Bermuda continues.
Wardman? Coral Beach? Lol
It is a start in the right direction. Can’t wait to hear the opposition, i.e..W F the flip flop and others. Bet they can’t find it in themselves to say job well done, mind you I do live in hope. These sound like very adept and on the ball investors.
No way this doesn’t translate into real jobs.Keep up the good work OBA…despite the PLP disaster this just shows the confidence that’s out there when people who know what they’re doing are in control and don’t just think of how they can line their pockets.
Now if we could just find a way to impeac that clown at city hall..
its doubtful these New York investors had ever heard of the OBA or the PLP for that matter
a good buy is always a good buy no matter what islander’s hand you are shaking
it will however be interesting to see what they do with these properties moving forward in order to get their money back
Investor confidence coming back,under the new govt!
Investor, you are on the money….. all we now need to do is get rid of the two disgusting so called talk shows that only promote negativity on this Island….and are only on air to promote their own agendas…..Rick Richardson pay attention…. and else for the other so called talk show host who in my opinion has her own agenda…..
Shirley Dill, thank you for having the best talk show in Bermuda,you are a gem.
What wonderful news.
But we still have a HUGE DEBT of $2.324BILLION dollars
But we are still borrowing $300Million dollars per year to pay Government.
But we still have 8,000 on the government payroll out of 25,000 working Bermudians,at $750MILLION per year.
But we are still paying $10MILLION dollars per month in interest at only 5.1%
Pensions $2BILLION underfunded civil Service Pensions $1BILLION underfunded.
We have a Loooong ways to go.
merry Christmas and happy new year.
Just be happy that something good is taking place. Why do you people always have to bring up the bad.
People like you are like a virus.
Just be happy for ONCE.
Betty?
Leasehold not freehold? Why is this I wonder?
Are you Betty?
Must be Bluebird Betty lol
This property will create hundreds of jobs, well done Premier Cannonier.
These comments are so funny. A group picks up a depressed asset at a cut rate price. No plan for the site is announced. No questions are asked by any of you about just who they are. But already this is on the cusp of creating jobs, its “good for tourism”, its a “vote of confidence” and its “investors returning to Bermuda again”. Listen to yourselves! These “investors” took over from some other investors who couldn’t make this work. This is the second announcement without substance regarding this site. This is the PURCHASE people. I hope you are all this supportive when they announce they’re tearing the whole thing down or that they’re building high-end residences and not the traditional hotel most folks think equals tourism. Tuck away the spin and gushing praise for this until you see the real deal. By the way, are we allowed to mention how this iconic tourism property and its sister sites got into this mess or is that impolite……like how we can never face the truth about HA&E Smith’s and Trimmingham’s……….
Before jumping up & down in celebration too much lets see where they plan to take the venerable CBC/Horizons. Remember it was part of a group which catered to the very very top of our visitor clientele, CBC, Horizons, Newstead & Waterloo. These are the folks who shopped Triminghams, Smiths & AS Coopers. These were the folks who thought nothing of dining at Fourways or Tom Moores.
Lets hope that whatever these new people do maintains the understated elegance that CBC & Horizons once were. It would be an awful shame to see a bunch of McMansions built on the property.
These are also folks who are either in their mid 90′s or dead! Tom Moores and Fourways are nice places to eat but they are not in the same league (both on a culinary and visitor experience basis) as some of the more exciting offerings our competitors to the north and south of us offer.
Bermuda must create its own brand. Old money will not cut it because old money (although still money nonetheless) is old. It does not get around like it used to and likes to stay close to home when it can.
I am not an advocate for gaming (casinos or otherwise). Bermuda has much more to offer than that. We have unmatched beauty, a rich heritage, clean air and relatively low crime. We are safe, beautiful and sophisticated. We don’t need to pull up our skirt in order to catch the right guy. Our values and foundation are solid. Innovation is lacking. We must innovate not duplicate.
They must have got a good deal!
Another positive signal that the OBA is attracting overseas investment back to Bermuda. Night and day I think the expression was…
after suffering in the wilderness of Global Hue, Brazarian, and through no fault of their own the 3 musketeers stuck in the oil pits, thank goodness for the Green family and now this new crew of New York money men