Pink Beach Club Sold To Sardis Developments

March 7, 2014

[Updated with video] The Bank of N.T. Butterfield & Son Limited today [Mar 7] announced that it has concluded the sale and transferred ownership of the former Pink Beach Club hotel to Sardis Developments Ltd. The beach-front Tucker’s Town cottage colony was placed in receivership in 2010.

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Michael Collins, Butterfield’s Senior Executive Vice President said, “In Sardis, we are pleased to have found a buyer for Pink Beach who is committed to redeveloping the property into a world-class boutique hotel, which will attract new interest among vacationers and help reinvigorate the Island’s tourism product.

“We look forward to continuing to work with Sardis to support the redevelopment of the property in our capacity as lender. Today’s announcement underscores Butterfield’s commitment to financing viable tourism development projects in Bermuda that will have a positive impact on employment within our community.

“We anticipate that demolition and construction work at the Pink Beach property will generate a large number of construction jobs in the near term, as well as permanent tourism positions at the hotel when it reopens.”

Update 4.39pm: Tourism Minister Shawn Crockwell commented on the sale.

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Comments (13)

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  1. Kangoocar says:

    Congrats to the OBA, looks like their fiscal policies are starting to take hold and are moving us in the right direction!! I tried to think of some similarities to how the plp handled the Club Med situation, but I couldn’t come up with anything???

  2. Cow Polly says:

    Very welcome news, here come the jobs and the tourists…………. please Bermuda lets not eff this recovery up!

    • Jules says:

      While welcome news, this will not mean much if the tourists come and there are no buses or ferries running to transport them around our beautiful island.

  3. Terry says:

    I hope this works out.
    Bermuda needs something positive.

  4. nuffin but the truth says:

    waiting for the biu and plp to stick their big noses in on this…

  5. Almost Famous says:

    Very good news.

    Amazing that a rich foreign BDA resident has invested so much money into this island which will in turn create construction and tourism jobs. Thanks Mr. King for showing confidence in this island and for creating jobs with this development.

    I honestly thought that such people simply and solely wanted to come to BDA to steal all the local jobs, land and ride off into the sunset with millions of BD$. Where is Chris Famous to tell all of us how bad this is for Bermuda and Bermudians? I need to believe!

  6. Steve Davis says:

    The BIU need to march and strike!!! But but they went on a JET!

    Will be the PLP response!

  7. Nice says:

    Nice to know. I hope the Government gets there money now because a company the BTA Chairman David Dodwell is involved in owes a large amount of money

    • Sandy Bottom says:

      I hope you can prove that. Since you open the discussion, can we have a list of taxes owed by PLP owned businesses? How much did Burt Construction owe when it went out of business, to take one example?

  8. swing voter says:

    Is this the same group that made the pre-sale (outrageous) demands for indefinite tax relief, 500 blank work permits, and other stupid terms

    • Sandy Bottom says:

      500 blank work permits?

      Do you sit around making this stuff up?

  9. Terry says:

    Yes Swinghy.
    JOBS.

  10. Vote for Me says:

    @ Almost Famous
    Which foreign Bermuda resident is behind the Pink Beach transaction?