Bermudiana Resort To Convert To Rentals

October 31, 2024 | 45 Comments

A “decision was made to pivot the Bermudiana Beach Resort to residential rental units,” Minister of Public Works Lt/Col David Burch has confirmed, adding that “by December of this year, this new proposed direction will see 94 studio, 1, 2, and 3-bedroom residential units.”

The property, originally called Grand Atlantic, was built over a decade ago as a housing development, only one unit was sold, the plans were then adjusted to make it a hotel development, and the plans have now adjusted to make the property into residential rental units.

“All these changes come at a significant cost—overall, $100 million plus will have been spent on this property over the 12 years,” the Minister said. “Clearly, no one would set out to spend this kind of money on such a project, but at each juncture, those making the decision believed it was the right one and funds would be recovered. An equally incredible set of circumstances has beset this project, and the aim now is to get as high a return as one can to mitigate the investment.”

“We believe the market research indicates that these units will help equalize the rental and buying market costs across the country and will promote better quality and standard of living overall,” he added.

Bermudiana Beach resort generic 2020420

Minister of Public Works David Burch stated, “Today, I want to report on the refocusing of this project, but first – some history is in order so that there is a full understanding of the journey to this point.

“In 2007, the private sector Grand Atlantic Residences project was a 78-unit development to add additional freehold condos to the housing market. To assist the project’s progression in 2009, the Bermuda Housing Corporation [BHC] became involved to purchase the development expected to be completed in 2012.

“However, in 2013, the global crash of the housing market, including the decline in housing prices, decline in demand for housing, and a false narrative over the safety of the cliffs, to name a few, had an impact on unit sales—only one was sold. The then OBA Government elected to place the sale of condo units on the property in abeyance while a reassessment of the direction was considered.

The Minister’s press conference

“A request for information [RFI] on the property was issued in March 2013, with submissions due by May 2013. After analysis, meetings, and a review of the submissions, the then Government entered into a memorandum of understanding [MOU] with the selected proponent to convert the property into a condo hotel. The MOU was initially for a period of 120 days and was then extended to March 2015. After the expiration of this MOU, the BHC negotiated with the bank to obtain a term loan to refinance the short-term loan used for the original purchase of the Grand Atlantic condo units.

“Following this, a second RFI was issued in May 2016, with submissions due by the end of June 2016. After analysis, meetings, and a review of the submissions, a proposal was selected and approved in October 2016 to convert the property into a residential condo boutique hotel, with units available for sale.

“In July 2017, an election was held which resulted in a change of Government. The new PLP Government continued negotiations with the selected co-developer, who was approved by the previous Government to develop a condo hotel on the Grand Atlantic site, and up until 2019, the project progressed well, including the Government announcing a brand deal with Hilton Resorts to increase the caliber and attractiveness of the property.

“However, in early 2020, the COVID-19 pandemic started to take hold on the world, which made meeting sales targets virtually impossible. The pandemic resulted in those targets not being reached to meet debt financing conditions, and therefore an alternative financing facility was negotiated with the bank.

“After this, and again attributed to the COVID-19 pandemic, in 2021, the co-developer, which was selected in 2016, and the current Government agreed to an amicable separation. The Government and the BHC remained committed to the completion of this project, as at the time there was a need for additional hotel beds as the Fairmont Southampton Hotel was shuttered. As you can tell, there have been a lot of ups and downs with this project.

“More difficulty came with the startling post-COVID inflation boom, which saw the cost of building materials soaring over 50% in some instances for basic supplies such as concrete and steel. Two loans totaling $35 million dollars were secured to continue construction – they remain in place.

“Despite these challenges, the project continued, but with pre-sales still not materializing and costs increasing, the Government decided to investigate the business model of the property.

“The Ministry of Public Works retained an expert who found that there was an inherent failure in the current business model. In general terms, the root cause of many of the issues associated with the project, including the lack of sales, stemmed from the direction set by the former development partner.

“The former developer’s projections were overly simplistic, and the current team followed the same plan but lacked the experience to navigate what would have already been an extremely challenging brownfield hotel development project from inception.

“After this assessment, the Government engaged the international accounting firm Ernst and Young [EY], who have a unit that specializes in evaluating distressed hotel developments, to conduct an evaluation to determine if the Bermudiana Beach Resort project was still viable.

“The assessment looked at four options: i. To continue the existing course [a boutique hotel with condominium sales]; ii. Upon completion of construction, sell units individually as condominiums; iii. Upon completion of construction, run as a standard boutique hotel; or iv. Convert units into residential rental apartments and complete construction.

“Based on this analysis of market dynamics, supply and demand trends, product fit, and strategic alignment with key initiatives, the two most viable uses determined to be Options 3 and 4. In performing a financial assessment of the two most feasible options, the apartment scenario [Option 4] provides the highest net present value as a result of strong demand, limited comparable supply, high rental rates, and significantly reduced operating risks as compared to the hotel option.

“While generating revenue to pay back outstanding debt remains a priority, the analysis indicated there was substantial resale value to be gained by holding the asset until cash flows stabilized and returns from the apartment scenario approached sufficient levels to meet the government’s financial objective of retiring the $35 million debt in its entirety.

“To accomplish Option 4, there remains the requirement to complete the construction. Given the proposed product can fit with the current development profile, apartment rentals would help to minimize capital investment with minimum additional expenditures required beyond the completion budget while also providing the opportunity to reduce investment further by limiting some of the proposed amenity space. Therefore, the Ministry will provide the BHC with additional funding to the maximum amount of $5,000,000.00 to complete the construction. This is compared to the approximately $9 million that would be needed for the hotel completion.

“With this recommendation and taking into consideration the recent announcement for the commencement of the Fairmont Southampton redevelopment project, which would see 593 new hotel beds becoming available by the end of 2026—and reflecting on the priorities and principles of this Government, a Cabinet decision was made to pivot the Bermudiana Beach Resort to residential rental units.

BERMUDIANA press conference oct 31 2024

A Difficult Decision

“This was a difficult decision, as much effort was placed into converting the property into a hotel, but when presented with the data and the expert advice, the government chose to change course yet again, but one that we believe is in the best interest of the country and one that will prove beneficial to the economy in the long term.

“Now, all these changes come at a significant cost—overall, $100 million plus will have been spent on this property over the 12 years. An incredible sum that reflected the change in direction with each pivot of the project to respond to the prevailing circumstances at each juncture. Clearly, no one would set out to spend this kind of money on such a project, but at each juncture, those making the decision believed it was the right one and funds would be recovered. An equally incredible set of circumstances has beset this project, and the aim now is to get as high a return as one can to mitigate the investment.

“The challenge with housing impacts all segments of our community, which includes our international business sector as well. The need to house this sector puts pressure on the local housing market. The analysis indicates that this change in direction would provide a means to cater to this sector directly and thus indirectly free up the local housing market to be accessed by more Bermudians.

 94 Studio, 1, 2, And 3-bedroom Residential Units

“Therefore, by December of this year, this new proposed direction will see 94 studio, 1, 2, and 3-bedroom residential units of beachfront property added to fulfill a market demand for additional rental housing.

“The Bermudiana apartments will be a multi-family community catering to young professionals and couples, with amenities including beach access, indoor and outdoor fitness areas, a pool area, with the potential for a restaurant, and a spa in the future.

“While no firm decisions have been made regarding rental pricing, we recognize the added amenities, location, convenience, and money already invested will necessitate a certain price tag—the projections estimate rental values between $3,000 and $7,000. Nevertheless, we believe the market research indicates that these units will help equalize the rental and buying market costs across the country and will promote better quality and standard of living overall, ensuring that people from all economic standings can secure a property at a reasonable and affordable price.

“To more directly assist, however, the government will consider how it may provide means for families already on our list to gain access to the property through existing BHC housing initiatives and support.

“Announcements will be made in due course regarding the management of the property and when the apartments will be available for rent.

“In this Government’s 2020 Election platform under the category for ‘Improving the Quality of Life for All Bermudians’—this Administration pledged to continue increasing the stock of affordable housing throughout the country, expand rent-geared-to-income programmes, and construct residential developments in Bermuda’s Exclusive Economic Zone to increase the supply of quality, affordable residential accommodation and drive down rental costs.

“This move does just that. As the old saying goes, a rising tide lifts all boats, and by adding to the housing market, regardless of the sector, we are helping to address the needs of all residents.

“On Monday, I met with the Board of the Bermuda Housing Corporation to advise them of Cabinet’s decision, and subsequently this morning I have met with the staff at both Bermudiana Beach Resort and the Bermuda Housing Corporation. Following this press conference, Hilton will be advised, and there is a break fee that will be payable.

“There will likely be separations at BBR, but those will be discussed with staff individually. We will operate fully under the terms of the Employment Act, but our actions will be carried out with compassion and sympathy for the affected staff. Over the next several weeks, as this new direction evolves further, there will be additional public announcements.

“This government is committed to doing all we can to increase the adequate housing options for Bermudians, and we will not stop delivering on this mandate. Thank you.”

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  1. Joe Bloggs says:

    “A “decision was made to pivot the Bermudiana Beach Resort to residential rental units,” Minister of Public Works Lt/Col David Burch has confirmed”

    So the PLP Government has decided to “pivot” the White Elephant/Grand Atlantic/Bermudiana Beach Club to the same “affordable housing” it was intended to be a dozen years or so ago.

    Minister Burch, please will you explain how spending $100 million plus on 78 residential units – $1,282,051.28 per unit – is “affordable?

    • Joe Bloggs says:

      Correction. 94 residential units.

      We do not know enough about the various units or the true cost of the development, so let’s use averages and round numbers.

      We know there are 94 residential units. $100,000,000 ÷ 94 = $1,063,829.80 average cost per unit. If we want to “equalise” the cost, let’s look at what a mortgage on the average cost would be over 30 years. But let’s not use commercial mortgage rates (6.5% to 6.75%), let’s use discounted mortgage rates in order to keep the units affordable.

      $1,063,829.80 at 5% over 30 years would mean monthly payments of $8,412.70.

      I do not think many people would find that “affordable”, not even for a 3 bedroomed apartment.

      • Ringmaster says:

        Or another way to look at it. We the taxpayers are on the hook for a debt exceeding $100m that Burch said would be recouped by the sale of the units. No sales, so the debt remains, plus the maintenance costs, and the rental income will barely cover the interest on the debt. Burch says the units will be rented to IB staff. So the debt has been incurred to provide Government housing for non Bermudians. So much for helping Bermudians. Add to this the SP guarantees and tax breaks and it is sinful how the PLP are falling over themselves to help non Bermudians, and hurting Bermudians.

        • Joe Bloggs says:

          “Burch says the units will be rented to IB staff.”

          Maybe the 2 and 3 bedroomed units, I doubt IB staff will want studios and 1 bedroom units in Warwick.

          • Ringmaster says:

            Just repeating what Burch said. I doubt any will be lived in by IB, and Bermudians can’t afford those rents, so the rents will have to drop meaning an even larger financial shortfall, much worse than the PLP’s most loved bogey deal, the airport, which was a good deal.

      • PAC MAN says:

        REAKESTATE APPRAISAL.

        I wonder how many properties have been sold over the years with out the land being included in the price.

        The building quality and area of the land and building including roof height including ” type of usage “should be accounted for.

        The untrained eye and lack of thought and or experiance and availability of money will always let the seller and you down.

        ” Let the bargaining begin ! ” That is called ” Offer and Acceptance ” in writing, according Bermuda to law .

        A banker or an insurance company, and even you , will never agree on value where price is partly determined by the economy where inflation factored in, that becomes an entirely a different matter .

        Appraising realestate for the current day value of say a piece beach front realestate next to a bus stop is a fine art which take many years of experiance to develop not forgetting the cost to build , that is numbers game for the quantity surveyor .

        One could ask what would a prudent man of busness may be prepared to pay for this or that ?

        You the buyer and seller will be playing with, “50 footballs not knowing which one to kick and where to kick it” .

        Making comparisons between different properties does not work as many people both buyer and seller unfortunately got the short end of the stick, very rarely will any two people or organisations arrive at the same value let alone the offer and acceptance price.

        Price paid to buy is not the same as value or cost to build, location , present day building condition and convienence makes a big difference.

        Fees and comissions must also be take in to consideration.

        For example. what is the difference of the value between a cottage in a beautiful garden and a mansion next to the city dump .

        The architectural concept make alot of difference are you selling or buying a ware house or a mansion ?
        There is a differce between heaven and hell .

        Let the purchaser be ware .

      • PAC MAN says:

        Mr. Bloogs

        This whole issue is certainly no a giid investment which amount to speculating with the taxpayer money.

        As stated above there are 1 2 & 3 bedroom units each type having diferent area and lay out we are also location at unit location and choise of floor level be it the preferable ground level or near the road or near the ocean this is were desirability and value comes into play come in to play all which affects price to purchase.

        The possibility exist that it may take a considerable time to sell each unit as I do not see people lining up at the gate all so financing will be a issue sorting the Ducks from the Gease .

        Obtaining a mortgage invites mortgage lenders or government as a lenders to invest in long term mortgages.
        Insurance values will never be 100 %. full value that issue will need to be suitably apportioned and paid with out doubt for and by all.
        I am not for gettin land tax. valuation issues can paint that one with a briard brusk either ..

        The potential of failed mortgages subject foreclosure and to punblic auction will be a problem too a motrgagee .
        Individual unit insurance will be a matamatical night mare .
        Blaket / bulk by seperrate building insurance company on each seperate building shared out between variouse insurers here may work note all the risks will no be the same .
        can’t see a person residing in a one bed unit paying at the same rate as an owner in three bed unit .

        Estate settlement will add complication to the matter as the beneficiary will inherate the debt .

        Certainly looks like Government will be in the realestate business for a long time.

        I doubt that they can sell any of these using the board brush theory using the take it or leave it principal.
        The entire concept will take the form of a buyers marker where I doubt that there will be any bargains .

        I presume there are elevator to the second and third floor ok ! till when the power is on for the electric stoves also.

        • Joe Bloggs says:

          “I doubt that they can sell any of these”

          History is on your side. Only one unit sold on the first attempt. And it is unlikely that many will be rented at “between $3,000 and $7,000″.

    • hmmm says:

      I thought the below summed up the history pretty well.

      Conclusion this has cost you and me at least $149 million. (as it will take $9 million to convert into rentals (OP have $140, but missed the $9M.

      $40 to buy the original, $100M to convert into resort, $9M to convert to rent (this is ignoring maintenance costs incurred over 10 years too.

      I read an interesting timeline on this property).

      • question says:

        Don’t forget, this was all borrowed money.
        The original Grand Atlantic was completed in 2011. Thirteen years ago.
        Let’s call it $100m compounded for 13 years, plus $49m compounded for 4 years (since not all expenses happened at the start).
        At 5.5% interest rate, $100m borrowed for 13 years costs $85.6m in interest.
        $49m borrowed for 5 years costs $11.7m.
        So the total costs incurred by Bermuda’s taxpayers, including the costs of borrowing, have amounted to
        $149m + $85.6m + $11.7m = $246m.

        $246M, for a bunch of government housing units that have been empty for 13 years. A total and complete failure.

        • Ringmaster says:

          In the real world, Burch would have been fired long ago. Instead he has created an ongoing money pit that brings in less revenue than capital and running costs. The debt will continue to increase year on year, seems the Minister of Finance isn’t smart enough to see this massive and ongoing financial crisis.

          • PAC MAN says:

            Every body Please calm down .

            We can easily deal with the Rusians if we have too gone the a wartered down Vodka. !

            Do not fire Lt Col Burch, keep him and. ALL his buddied accountable by keeping their feet to the fire.

            We need solutions not revenge.

            The all know that they messed up !

            Lt Col …………….. I was a Lance corporal I can put you on charge and that is no promise .

            I bet that they would all like to walk away ,do not let that happen, they are still responsible to the tax payers for the natuonal debt.

            Bermuda has survived. *****. 5 good ones ****** for may years on tourism, that is what wall are good at.
            we need to add visitor insentavies . one night free if we have to alnd all that goes with it.

            We can not afford to jump from pillar to post or flip flopping, back forward to up or down.

            Please add another pipe the bus stop west 200 ft right out side the main entrance put a tent there for shelter if you have too. or move a plastic one there .

            WHY. We need those tourist dollars real bad.

            You all know that .

    • PAC MAN says:

      The is a game of. >>>>>>>>>>. …………… What if ?
      That rental idea will guarantee to back fire.
      You will be diging an ever biger hole to get out of.
      Better to finance an overseas buyer . at leas you will have a income .

      You have gone too far with that idea to convert to local rentals .
      Ask B. H. C. how some people can trash a unit in 30 days or less .

      78 trash buckets ? wher are you goin to put them ……… in the bath rooms ?

      Charging stations for 78 +/- electric and comersial vehiles trucks and cars ?

      People here are particularly who their neighbours are so, turn the music down .
      This will be Bermuda first neighbour HOOD
      Rusty car any one ?
      More money for 78 +/- parking lots for cars vans and trucks

  2. Ringmaster says:

    A shining example of PLP stupidity, and a monument to the PLP’s total fiscal incompetence.

  3. Comfortably numb says:

    If it wasn’t so tragic this whole 12 year saga of misstep after misstep would make an amazing comedy, starring, of course, the Colonel.

  4. sandgrownan says:

    What a monumental example of the PLP’s incompetence and stupidity. And we’re back where we started and $100m worse off.

  5. Question says:

    “Clearly, no one would set out to spend this kind of money on such a project, but at each juncture, those making the decision believed it was the right one and funds would be recovered“
    Yes, because you’re all complete idiots.

  6. what! says:

    Another PLP Disaster, the list of failures goes on and on. they are spending taxpayers money, YES, YOUR money that has been collected by the government in the form of payroll tax, vehicle licence, duty, etc etc to turn this into a rental site after three prior project failures at the site. Now thy claim it will equalize rents, What the hell is equalize, we don’t want these rents to be equal to current rents current rents are unaffordable!!!!!!!

    Rent of $3,000 to $7,000 is not going to equalize any renting market. those rents are too high. they need to be $2,000 to $4,000 to bring rentals to a reasonable level.

    Agin the PLP talking about making a fairer Bermuda, whist doing the opposite !

  7. Not Given says:

    Wow. You can’t make this stuff up! Queue the popcorn…

  8. Hilarious says:

    If I had $100+ MILLION, I would not burn it.

    • PAC MAN says:

      Rentals

      Who is going ito insure the place and a what rate ? …….. are the buildings insured NOW ?

      Is the place a hurricane a fire hazard ?

      Who is going to maintain the place?

      Who is going to manage the place?

      Are you going sell with a sitting tennant ?

      Is there sufficient water supply?

      Rentals you will ne never get 100 % tenancy ever !

      You will spend millions on maintenance !

      Tennant do not care ! why should they !

      Go talk to the land lords who do not rent any more, and ask why !

  9. Wow says:

    This government is a JOKE and they are a horrible representation of Bermuda. They are all arrogant individuals and critical thinking is not a strength. This is another example that shows they do not know what they are doing. This country needs more hotel rooms and you decide to make these residential units for nom- Bermudians based on the proposed rental price.

    PLP HSS TO GO! Bermuda will not survive another term with this arrogant party.

  10. Toodle-oo says:

    How on earth are these going to be affordable (or even attractive) rentals when they weren’t affordable to even purchase in the first instance ?
    This nightmare involving ‘our’ money seems unending .

  11. BDA says:

    Ya’ll can complain about this all you like, THERE IS A HOUSING crisis going on. No one is batting an eye.

    There are hardly any available rentals, and if they are they want you to sell your cooch to rent it.

    This is a WILD time here in Bermuda.

    • Maddog says:

      I am complaining….a hot mess and it cost us $100 million dollars …and you gonna vote them right back in

    • Hey says:

      This cost over $154,500,000.00 (this ignoring the cost of borrowing the money to pay for them : $40,000,000.00 to buy the original, $100,000,000 to convert into hotel, $500,000 to pay off Hilton, $9,000,000.00 to turn into rentable apartments.

      They are going to attempt to be rented to International Business people. The rents are too high.

      This does not drive the price of rents down, it maintains them at the high levels.

      You want to get rents down…BAN AIR BNB in Bermuda, restrict the number of properties an individual (married couple or partnership) or trust can own. Do this via legislation.

      The PLP are clueless, they just threw away money , YOUR MONEY !

      • PAC MAN says:

        HEY

        May I ask if / was import duty was included in the over all costs, if so how was that resolved ?

        May I ask also if / was the value of the land included in the costs if so who is holding the title deeds ?

        Can you tell all where and what was the loyal opposition doing when all this was going on.

        Only when the general public became involved as the boat broke its moorings ,that leave me and family and thousands of others at a loss .

  12. BDA says:

    But on a better note – or sour if you are one of their sheep

    PLP has to go

    • kevin says:

      You simply couldnt make this up ……incompetence is being kind ….but when your spending other folks money it really doesnt have that impact. Burt wants to spew OBA this and that but you cant make this and dozens of others like Port Royal
      Cruise ship dock, Hospital, police HQ the millions of dollars wasted but FF are all good

  13. 365 says:

    What I miss? I thought these were going to managed by Hilton?

    • Joe Bloggs says:

      “Following this press conference, Hilton will be advised, and there is a break fee that will be payable.”

      Apparently the PLP Government changed its mind about working with a successful multi-national corporation.

  14. Gaz says:

    If you read this and still vote PLP, then nothing will ever change you.

  15. eve says:

    JOKE GOVERNMENT. JOKE VOTERS.

  16. Dejavu says:

    All this complaining but you morons will still vote for PLP come election. Any bermudian still living in bermuda has no one to blame but themselves. The smart ones have left already lol

    • Joe Bloggs says:

      “you morons will still vote for PLP come election”

      On behalf of all Bermudians, we are not all morons.

  17. PAC MAN says:

    REAL ESTATE.
    Government has proved over and over again that they should have stayed out of the Realestate business, also ,they are competing with the private sector both international and local .

    Been doing that for years .

    W & E we have no more money for projects for them, including for two bridges and more in fifty year or more . A Cat 4 hurricane will create an absolute devastation. and finanancial disaster to Bermuda ecomony .

    We have no reserves to cover that.

    May be a flat concrete slab roof and parapet would have many advantages as we are running out of Bermuda coral slate . We could go modern with that one .

    They say that they are creating jobs and at what cost is that by braking this countries back at the same time ?

    Communal living has never been ideal solution for Bermuda population as we have seen that back fired . .

    It would be too embarrassing here to list the number of architectural and financial disasters which have been created with cost over runs including over annual budget cost too the public purse .

    The unrealistic legacy left to our childens children is not be very promising .

    Can’t talk your way out of that one .

    “The thinkers were not thinking”.
    ” Got too many eggs one basket “.

    Bermuda to day still has many single family homes by financing an additional rentable unit that would more than help more people with their repayments,if so !.

    100 Mill would have created many more units and provided more jobs and additional financial assistance for many those home owner and their families also . That would also reduce home owner maintenance costs . B . H. C. could have arranged rentals an collected the rent if required to cover the debt .

    This is Bermudians helping Bermudians.

    All of B .H. C . ‘s Standard Bermuda Constructions homes had two bed room units B.H.C. colected the rents.
    Many of the property mortgages have now been paid up in full , or bank re financed .

  18. Yes says:

    I think we should all vote for a racist white established party like the OBA that uses all black surrogate candidates for votes. Yes nothing wrong there.

  19. Ouch. Yes another mess says:

    Simple question.
    Where will 94 home-makers park? And any guest? There are lots of questions to be answered.This is the biggest boo boo Bermuda has ever seen. Shame on them.

  20. PAC MAN says:

    YES .

    You would do well to keep race and party polatics out it.

    This is a 100 % ” The Bermuda Government” Issue.

    If It hurts me and it must also hurt you to say The Bermuda Government has let us all down .

    This crisis have affected ever person who has chose to stay here for many years to come.

    • Joe Bloggs says:

      PAC MAN, might I suggest that the sorry tale of the White Elephant/Grand Atlantic/Bermudiana Beach Club is an abject lesson in why governments do not belong in the property development business.

  21. PAC MAN says:

    Joe Bloggs.
    Good evening !

    Go back 6 posts of this date and read the first paragraph of mine .

    Not a good idea to play ” Bull in a China shop” ! That will break too many plates.

    Plagerizing every bodies posts is not a smart idea in order for you to be more convincing.
    You would be more current if you could possibly stay with your own topics.

    This is the second time that I have had ocasionc to address you on my opinions.

    We all are dealing with with the hope for a workable solution ,” what is built is built ” involving a very serious financial topic concerning peoples hard earned tax money.

  22. PAC MAN says:

    With rentals ! Government are using our Tax Payer Moneys held in trust as investment capitol to fund other people housing situations or problems.

    When many can and should stay home with mum and dad
    Those one bed units scare me. >>>> What for ??? Do they compete with our local peoples AIR B & B

    No mater which way Government goes , neither option ever if you could . >
    > Rent locally.
    or
    > Sell locally.

    You have so call been preaching affordable housing and now yoiu know that will not work.
    The people just do not make that kind on money? .

    The project is miles away from afordable housing as all the eggs went i one basket !
    At best in reality renting only nets 50 % if that .

    Putting Gov beween a rock and a hard place .

    The rest goes to lansscaping, insurance, in and out side maintenance , repairs to fridge stoves water heaters and also loss of rents on empty units more tax payer money down the tube .

    Question : ? life guard for the beach ?.

    Every which way Government turns there will be leading to further financial losses.

    Government need to get out of whole sale realestate budiness as they are wrongly competing with the voters using their money to do it.
    we can not afford a 30 year plan for any thing.

    The botom line is SELL. SELL .SELL. 100 % of all ,even if it is Travel lodge and friends work ewith them and make them an offer they can not refuse.

    Remember Harmony hall. and Horizons where did they go ?

  23. PAC MAN says:

    TIME HAS COME TO SCARE THE LIVING DAY LIGHTS OUT OF EVERYONE

    INFLATION is with out doubt a deaded disease that put every on their knees back ten years ago.
    ,here we are again with another recession taking our lively hood and breath away that cost us 20% in you did no get a raise. GOV pension went up a very little tiny bit for seniors tat add in jury to insult .

    In another ten year or sooner JUST WAIT they will be possibly be another recession so we wait in anticipation.

    The end is not near .

    We Bermudians are the luckiest people we make very nice lemon juice we can take the good with the bad any day , also we have the warm sun ;sea and pink sand , a hospitatiy second to none and the nicest prople on the planet.

    There is * catch is that we all need to work together, an get along better, if we do not we are done for .

    The latest is that the USA election on 5 th November 24 is having elections the looded wilnot be very happy ,seems like the USA will be for its own people, but the all need a vacation so here we are .
    What do we have to offer more than the rest is that good real food ,well boys and girls it is service with a million dollar winning smile

    * Catch 22
    Dam if you do ,and dam if you don’t .
    ” Dam it, full speed ahead” !

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