Hotel Owners Meeting With Potential Investors
Gencom — the owners of the currently closed Fairmont Southampton hotel — recently visited along with “investors who are interested in working with them on the redevelopment,” Minister of Finance Curtis Dickinson said.
Speaking at a press conference yesterday [Nov 1] when asked for an update, Minister of Finance Curtis Dickinson said that Gencom were “in town a week and a half, two weeks ago. They came down with some investors who are interested in working with them on the redevelopment.
“We met with the prospective capital providers, we had a very cordial exchange. They exchanged with us some term sheets, the term sheets are being reviewed by my team and we are contemplating re-engaging with Gencom and their partners in the coming weeks as we understand what is being proposed in the term sheets and to indicate what our disposition is with respect to them.”
The Minister added, “This has been a very difficult environment from a capital perspective. Initially, when the pandemic hit, the opportunities for capital to be deployed in hotel projects internationally was fairly low. That has improved considerably as time has gone on.”
“I’m encouraged by the meetings. The folks who they have brought here are quality names,” he added, saying, “We are working feverishly to try and ensure we get this done sooner rather than later, but we have to do it properly”.
Remember the days when the PLP was so against selling off Bermuda property to foreigners? How soon forgotten with the SDO’s for Tuckers Point so they could sell off land to foreigners, and who owns Tuckers Point and now SP? Imagine how much of the golf course will be sold to foreigners with the encouragement of the PLP, desperate for tax revenue and to hell with Bermuda’s future. Won’t be much land left for Bermudians soon, and they don’t make any more. Where is the outcry?
Didn’t you hear the uproar when Cambridge Beaches was sold by its Bermudian owners to foreigners 6 months ago?
See https://bernews.com/2021/05/premier-congratulates-new-owners-cambridge-beaches/
Are they really? Or is this another PLP sorta-kinda announcement to make us forget the bad news temporarily? Like vertical farming. Like casinos. Like whatever new “idea” that gets announced.
And you just know with Roban at the helm of planning, you just know SDO’s will be flying out of the door as fast as people leave the island.
So, how much of the golf course will become condos?