Four Seasons St Kitts and Nevis resort sold at public auction
A Four Seasons resort has finally been sold at a public auction on 27 May to a St Kitts hotel company, St. Kitts-Nevis Resort LLC, giving hope to the recently laid off workers that the reopening of the resort will be sooner than anticipated.
A luxury Four Seasons Caribbean all inclusive resort has been sold to St. Kitts-Nevis Resort LLC for $86,651,000 at a public auction at the High Court in Charlestown, Nevis on Thursday 27 May 2010. The winning bid for the Four Seasons Resort Nevis was the lead lender Wachovia who used a Special Purpose Vehicle (SPV) making the new owners of the resort, Wachovia's SPV "St. Kitts-Nevis Resorts LLC".
The funding and the opening of the resort is now down to Wachovia who is expected to get the ball rolling fairly quickly and will be re-instating the jobs of hundreds who were laid off in March 2009. The previous owners of the resort, Hotel Equity Fund V LLC declared bankruptcy shortly after Hurricane Omar caused damage to a large section of the St Kitts hotel in October 2008.
Premier of Nevis and Minister of Finance, Joseph Parry was said to be very pleased by the news of the owners and said that his Administration will work closely with the buyers, Wachovia.
He said: "Water services, NEVLEC also depends a lot on the Four Seasons, all these are agencies of the government. People directly need jobs, we also have hotel owners who depend on people visiting the hotel for dinner or lunch, we have taxi operators, tour guides, farmers, fishermen, shop owners, TDC, Horsfords all depend on the Four Seasons."
Situated on Nevis Island in the West Indies, Four Seasons Resort Nevis offers luxury accommodation and facilities for tourists enjoying Nevis and St. Kitts holidays. Nevis is the sister island to St. Kitts which is a Caribbean gem offering white pristine beaches and stunning scenery to visitors.
The luxury Nevis and St. Kitts hotel is expected to open in November 2010 and plans are underway to refurbish the design of the interior, redesign the golf course amongst other facilities before the grand and well awaited reopening.
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