Safety First

Wednesday, April 05, 2006

Historic Mullins Bay Area Hotel Sold

Eastry House sold
Tuesday, 04 April 2006

Government has sold the controversial Eastry House in Gibbes, St Peter for well in excess of ten million dollars.

The new owner is a man with Barbadian connections who is residing in the United Kingdom.

Located on the pricey west coast, the once swank hotel, which is now dilapidated has reportedly been sold for well in excess of its last asking price of US$5.5 million.

CBC understands that Eastry House was sold last week after being put up for sale by a real estate agency during the last two weeks.

Sources say the deal has been secured in foreign exchange noting that the UK investor plans to develop the property for the key tourism market.

When contacted, a top official of Gems of Barbados who requested anonymity described the sale as a good one for Gems and for Barbados.

The source said that several persons expressed an interest in the property, and they decided to accept the highest bid.

All but one of the persons expressing an interest in Eastry House were foreigners.

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