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Wednesday, August 31, 2011

Kings Beach Going, Going, Gone?

"The saga surrounding the sale of the now ruined King’s Beach Hotel is about to come to a happy, but incomplete ending.

In an arrangement being managed by Scotiabank Barbados, a deal for the acquisition of the St. Peter property for $32 million is to be sealed on September 13, Barbados TODAY has confirmed.

But investigations also revealed that in a new twist to the long running affair, three non nationals resident in Barbados, Anthony Reid, Michael L. Challis, and Marcus J.F. Clarke, who allegedly pulled out of a May 30, 2008 contract to buy the property for almost $65 million, will now be sued for about $33 million in damages.

This, sources connected to the deal said, would be pursued next month on completion of the current sale to Atlantic Paradise Limited, which owns The Great House, an upscale “two storey plantation style home” located to the south of the hotel.

These developments were confirmed by King’s Beach Hotel owner Martin Richards, who said he was happy there would finally be some closure to the matter, and that like his neighbours he was disappointed to see the hotel fall into disrepair, a matter he said was not his responsibility since he had turned responsibility over to the bank so a new buyer could be found.
Richards said he was aware of the sale of the hotel property by next month, and that while the property would have to be knocked down, he was uncertain if previous plans to construct 32 luxury condos would be continued by the new owners  ..."

Read more: Barbados TravelAdvisor • View topic - Kings Beach Going, Going, Gone???:

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