Four Seasons Hotel bailed out by Barbados Government
One of the most luxury Barbados hotels is being bailed out by the government of Barbados as development and construction plans for the new resort have been put on hold due to finance problems and slow sales of the private villas.
The Caribbean island of Barbados has agreed to financially help out a new addition to luxury Barbados hotels by guaranteeing a $60 million loan to help the new Four Seasons hotel and resort. The loan has come from a Caribbean bank and in return the Caribbean government will eventually receive a 20 per cent equity stake in the project.
The new Barbados project is one of many Four Seasons hotels and resorts which have run into difficulty throughout the turbulent times of the global recession. Though Four Seasons do not own any properties themselves, they run 83 hotels across the world and make money from charging property owners branding and management fees.
The Barbados project was meant to be an addition to the chain's luxury Caribbean hotels by building a 110 room hotel for travellers on Barbados holidays and 35 private villas each priced between $11 million and $18 million.
Despite celebrity buyers including Simon Cowell, Andrew Lloyd Webber and Formula One team owner Eddie Jordan, by 2008 only 16 of the 35 villas had been sold and the owner of Four Seasons Barbados, UK-born developer Mike Pemberton, and his construction group were forced to put all work on hold by January 2009.
The majority of the new loan from the Caribbean lender, Ansa McAL Merchant Bank, will be spent on paying off the original $31.5 million loan from the Bank of Scotland.
The Prime Minister of Barbados, David Thompson recently said in a statement:
"I am pleased to support an initiative where Barbadians pull together to put an iconic project back on track–one that will help shape the future of tourism in Barbados."
Plans to start work on the site are expected to resume in the first quarter of 2010 and it is hoped that with new investors and villa sales the luxury addition to Barbados hotels will help turn the economy around and restore people's faith in buying luxury homes.
Talk to a specialist
Call 020 7644 1770 to speak with our award-winning travel consultants.
Opening hours 09:00 - 21:00 GMT
Popular Holidays Browse all
Discover everything the ‘Island of the Gods’ has to offer with a stay in the buzzing Seminyak area
- Restore your inner balance at Taum Spa or take a surfing lesson
- Incredible value upgrades to private pool rooms
- Complimentary shuttle to town centre and Petitenget Beach
Relax and unwind at this stunning resort without having to dig deep in your pocket
- Luxury and comfortable accommodations with a spectacular views of the crystal blue Arabian Gulf
- A fantastic all-inclusive programme with great entertainment options including kids and teen club
- Enjoy the secluded, glorious location on the beautiful, tranquil and pristine Marjan Island
Ideal for trendy couples - stay at a chic and sleek hotel in the heart of vibrant Havana and then Stay next to Cuba's famous Varadero beach
- Blau Varadero offers something for everyone with as little or as much as you want to do on offer including a spa
- Exclusive Couples offer - Welcome Cocktail, 1 hour free Wifi Access in Havana plus a bottle of wine on arrival, 30-minute massage and a Romantic Dinner in Varadero
- Be swept away by the amazing views of Havana from Capri's rooftop pool
Indulge in the finer things in life at a luxury five-star retreat and enjoy rocking the night away
- The location on Cancun's tranquil southern shore, provides the perfect rejuivinating base for exploring Cancun.
- The resort is home to one of only two Jack Nicklaus Signature Golf Courses in Cancun.
- Enjoy the array of activities including surfing, golf, dolphin swims, tours, spa treatments and much more.
Combine exploring the old dimes of Havana with a refreshing beach retreat in Vardero on an unforgettable twin centre...
If you want to really feel Cuba's beating heart and pulsating rhythms, this is one of the best for an unforgettable...
Discover the cultural and historical treasures of Havana as you're treated to 5-star service at the Iberostar Parque...
Situated just minutes from the Bugibba promenade, Sunflower hotel enjoys an excellent location in the popular area of...
Located in Deira, within old Dubai, the Hilton Garden Inn Dubai Al Muraqabat offers a prime opportunity to explore the...
Located in the city centre business district, the DoubleTree by Hilton Ras Al Khaimah combines stylish accommodation and...