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
Make your trip to Phuket one to remember at romantic and secluded Rawai beach
- Perfect for families or couples searching for their own slice of paradise
- Free shuttle services to Ya Nui beach, Nai Harn beach and Kata beach
- Free upgrade to Deluxe Pool View
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
Use up to $2000 resort credit to indulge in spa treatments, golf sessions or a selection of excursions that will make your Cancun holiday truly unforgettable.
- Duran Duran in concert at Moon Palace on 29th December (tickets additional cost)
- Winner of the Trip Advisor 2015 Travellers Choice Award
- Enjoy the impressive $2000 Resort Credit per booking that you can spend on golf, spa treatments, dolphin swims, visit to Chichen Itza, Express Tour of Tulum, Family fun days out at the Wet 'N' Wild Waterpark and much more
- Whether you are looking for an active holiday or a relaxing break, Moon Palace Resort is an ideal destination for travellers of all ages
Discover the relaxing Varadero and sink into sublim tranquillity
- Experience the beauty of Varadero Beach where you can relax and unwind on the tranquil white sandy beaches whilst enjoying the 24-hrs All-inclusive offered at the Luxurious Iberostar Varadero
- Stay in Havana's most highly rated hotel, with an iconic location facing Central Park
- Discover Cuba whilst staying at the 2 Top rated TripAdvisor hotels in Cuba
Combine exploring the old dimes of Havana with a refreshing beach retreat in Vardero on an unforgettable twin centre...
Take a holiday to the Caribbean resort of Cancun in Mexico. In the magnificent Moon Palace Cancun you will be perfectly...
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...
Experience luxurious accommodations, modern business and leisure amenities and an ideal location in the heart of Abu...