Sale of Four Seasons in the works
Mon, 04/04/2016 - 12:00am
THERE is a new development with respect to the stalled Four Seasons Project.
Business Monday understands that Government is about to conclude a deal with a group of British investors to sell the property for Bds$120 million.
“Government has the first mortgage on the property and has put it up for sale,” this newspaper was informed.
In confirming this over the weekend, a source close to Government said that while the deal has not been finalised it will be done so very soon. It is also being speculated that once everything goes according to planned, work could resume on the project at least six months after both sides have concluded the sale.
“That also depends on what changes the local authorities would want to make to the project before work resumes,” the source stated.
It is also understood that a local developer is working with the British investors.
Work on the Four Seasons project, which involved the construction of a five-star hotel and a number of villas, came to a halt in February 2009 following the onset of the global financial crisis. Government has been working around the clock to resume the project, but to no avail. There have also been a number of time lines set for work to restart, but this too has not happened.
If there is a restart to the project it would add some buoyancy to the local construction sector, which Government is looking to boost economic growth in Barbados.