Prime Minister Gaston Browne says the government is entering into talks with potential buyers for Jolly Beach Resort including an American group who are keen on investing in the hotel.
“In any case we had a discussion just yesterday with a group out of the United States that is showing great interest in the hotel, they reckon they have enough resources to purchase it outright.
The prime minister revealed that the value of the hotel is about US$ 37 million but at for sale value could sell for US$ 29 million.
He said the American group which he did not name is willing to invest another US$ 100 to improve and expand Jolly Beach.
“And they say they can invest probably another 100 million for us to expand it and make it into an even bigger and better hotel so those discussions just commenced.”
“They say as soon as the Canadian borders open they will be flying to Antigua to discuss a possible purchase and if that goes well it means that the hotel will have a new lease on life,” Browne told Pointe FM yesterday.
He added that other selling options are also on the table.
“In any event, we are exploring a selling option with various developers because as you know the government will become the majority holder in the hotel because of outstanding credit that we would have given to the hotel over the last decade.
“And as a consequence we are trying to see how the hotel can be renovated and expanded and to ensure that it can provide sustainable employment for the workers at Jolly Beach.”
The prime minister was responding to a question about when the hotel will be reopened after closing due to the coronavirus pandemic.
He said Sunwing which manages the facility “is unlikely to reopen their hotels before November.”
“I know that they are entering into a deal with the Canadian Government to get some level of support for the airline and until they would have sorted that out and the Canadian Government would have opened up it borders, then they would not be able to reopen their hotels because a lot of their traffic comes out of Canada.”
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If it’s an American group showing interest in buying Jollybeach, why are they waiting for the Canadian border to reopen? Flights emanating from Florida to Antigua have already started, so what’s the issue flying out from there? PM Gaston Brown, we don’t trust anything you say.
I echo those same sentiments Mr Phillip .
Although this does not have to do with anything. The PM said that is what the developer stated.
Are you going after the PM or after the developer’s statement. The PM would not bring it in the media if there was not a discussion. At this pint, the potential buyer is just a prospect. If you know your geography you would know that base on where you live in the USA it is much easier to travel from Toronto for a direct flight to Antigua Also it could be that the company is a US company but people are based in Canada. We just don’t know. When you don’t know you should not jump to negativity.
Maybe Calvin Ayre or one of these deep pocket CIP persons can buy Carlisle Bay too. That hotel property has so much great potential and needs some proper investment, but sad to say is just a cash cow for the owners.
I was saying the very same thing Lyndon Phillip. Politicians in Antigua think we are all asses ,but they are still educated ones that haven’t drank the Kool aid and never will . Obviously,Boo dog is the only person the government is looking forward too,to buy the property.
Starfish owns Jolly Beach— Starfish is a division of Sunwing, a Canadian tour operator.
Susan, Starfish is only managing Jollybeach Resort, the hotel is owned by an offshore bank of the former ABI BANK. The government does not own the hotel contrary to the misinformation diseminated by the PM. Yes, the company owes a considerable sum of monies to statuary bodies like APUA et al, however, Antigua and Barbuda is a democratic country where the rule of law should trump (no pun intended) dictatorial tendencies. 42 acres of beach front land on the best beach by a mile, along with the physical aspects of the hotel, worth far more than the 29 million US the PM is scheming to his potential handpicked investors.
@Lyndon Philip
Who owns the offshore bank. If the hotel is worth more than 29million, I am sure a foreign buyer will pay the market value for the hotel. The hotel is probably owned by Antigua/Antiguans through this offshore bank. Market price less $29million will probably be commissions/fees. We know how some Antiguans get rich creatively. IHI isn’t dead.
Gaston Browne:The so called “an American Group” of which you speak.If there is such a Group.Are they interested in purchasing the Hotel or looking to invest in said Hotel.Please clear up that bit of confusion.Because you are speaking with a forked tongue.Like speaking from the five corners of your mouth.They are willing to spend US$100 million to expand.Where did I hear such diet tripe before.What has become of those projects you mentioned over and over again.Where is the Waldorf Astoria?What happened to Half Moon Bay Project.Where have all the Investors garne.A way James Packer and Paradise Found, and then Lost garne.Them all garne to the Investors graveyards.Where them belang.Only to be resurrected by Gaston Browne,the TAP DAWG.Lie you hear lies.No one in their right minds would want to buy and or invest into a DUMP?
Same sentiment, when he talks like that it is nothing but hot air. He just talks like that to raise the hopes of persons and 2-3 years from now you remember what he said and you realize nothing ever happen. Yida is another one.
A 7500 square feet property (in the Bronx, ny) with a new five story building there upon, 60 studio apartment cost approximately US$12 – 16 million. How much are selling jolly harbor for?
Oh, about US$1 billion! OK
Several years ago an investor wanted to buy jolly harbor for US$100 mil. (1/10 of a billion).
Now the cost is US$29 mil with US$100 mil in additional improvements.
A $29 mil increase in the purchase price!
KEEP HOPE ALIVE!!!
When the Birds and the old ALP stole from the people of Antigua & Barbuda they did it openly and brazenly but the new ABLP pretends they are doing it all for the good of the people while, all the time, they are lining their back pockets and filling their bank accounts.
@Cecil Barton.
VC Bird did not have the education and sophistication as the younger Birds and current current people in ALP, so I doubt he stole that much. He was just a simple man. Vere JR and Lester were lawyers and you know all about lawyers.
The current politicians have changed the culture in Antigua where a lot of people think that if they the politicians can steal, they can do it too.
Antigua has become a thieving society where it is a free for all for government assets. Think of the millions that have not been accounted for regarding the few projects undertaken by this government. When the bosses are stealing, other people will also steal knowing that the bosses can’t expose them.
Extremely bad idea.
Do not sell it.
Close the real estate company now.
Do not sell it.
We must take ownership of the tourism product.
The black lives matter campaign men’s something.
Instead, of putting Jolly Beach up for sale, to “whoever,” why not have Antiguans invest in the property, upgrade it to the Sandals, Royalton Brands, and, and, and, have it managed by Antiguans?
@Ras Smood
Antiguans can’t run no hotel. They are the ones who ran it into the ground. Sorry but Antiguans don’t currently have what it takes to manage anything properly. They are not ready.
@Observation – while, I will agree, that we as Antiguans have problems with “managing” complex systems, the issue is not one, of qualification; but, moreso one of #Trust.
The COVID19 situation did not teach the government anything.
I think the Antigua government should sell all non-core assets, so selling this hotel makes complete sense.
That said, Antigua needs to cut pensions and cut pension liabilities ASAP!
Does anyone know what we have already paid for the half moon bay property with “nothing there upon…”
You have such a great island my wife and i have traveled there many many times. you must know that you cannot change all of the hotels into Sandals or Royalton brands people like myself cannot afford these places. I love the small quite hotel like Jolly Beach and Haylcon Cove. Do improvements yes, but keep it affordable.
I have offered to give up my retirement to dedicate my life to be the Onsite Rejuvenator of Jolly Beach Resort for the last 3 years, to no avail, (without management charges, modest living expenses only), to rejuvenate this property the way I have other non-performing international hotels/resorts for 50 years. for this is the opportunity I have seeking for me to help create more & better paying jobs for Antiguan & Barbuda’s Badly needed Prosperity Consciousness. Extremely Brief Bio Highlights’ On K. R. Lords Lifelong Dedication Towards Resolving The Dis-ease Of Poverty Through The Rejuvenations Of Peoples Minds & Businesses. For my True Passion/Gift To Antigua is to help create more jobs, bring my loyal guests/investors to invest in this resort for Antiguans! Review personal brief bio below:
Extremely Brief Bio Highlights’ On K. R. Lords Lifelong Dedication Towards Resolving The Dis-ease Of Poverty Through The Rejuvenations Of Peoples Minds & Businesses.
In 1970, K. R. was asked to rejuvenate a small 20 year old bed & breakfasts, that was considering closing due not being adaptable to hospitality changes. As the new manager, Ken resolved their problems, increased net profits by 45% with that year and gave management back to extremely happy owners and moved on to the ne5xt troubled spot. For he loves resolving all problems, then moving to the next “so called impossible fixity.
In 1981, A Publicly Traded Company In Bankruptcy, For 6 Years, With No Assets And $10Million Unsecured Debt, That We Resolved Completely Debt-Free In 60 Days, It Became Self-Sufficient & Profitable In 90 Days)! According Legal Advisors, “This Was Astounding, To Say The Least!” Within 1 Year, we merged it with another Publicly Traded Company that needed to use said company’s $10,000,000 in tax credits to lower their tax burdens. At this time, K. R. earned the “handle” wealth & success guru, (due to his unique ability to attract cash, anything needed to resolve various needs),
Next, 1982, A troubled shopping mall owner asked K. R. to buyout his shopping mall, (including a restaurant/nightclub, hardware store, health oriented hot tub rental), with fast cash due to his leaving the country. K. R. gave him his proposal that he would have his $3,500,000 cash in full by the time he reached his destination, in 2 days, it was there on time, yet K. R. had no funds on him at that time and at first, he had no idea who/where it was coming from. All he did was believe strongly, it would be there without doubt! For that belief/premonition has always came through for him, to date in 50 years.
1990, K. R. was asked to help 7 different companies that were All preparing to file for bankruptcy within a few days, so he agreed to do a legal stock trade with each of companies, amounting to be a total buyout of $100,500,000. of debts In full. This required that K. R. liquidate that amount within 6 months, which was accomplished, even though he had no actual resources of his own, so he gave all this debt to his wealthy clients, so they could reduce it from their taxes for years to come. This also left those 7 companies without debt, which is K. R. ’s solemn request for all companies.
2000, A resort developer hired K. R. to help fund his resort startup that ran out of funds after other investors invested $20,000,000. K. R. received $250,000,000 to invest in 60 days, but returned it all IMMEDIATELY to the owners, when he learned that the $20,000,000 was actually defrauded cash from other investors that suffered from their great losses.
K. R. felt bad, because he could not have protected these investors from their losses, for he is totally against stealing/scamming from anyone! So K. R. retired, for 10+ years, until his loyal investors/friends, “Begged” him to give them more of his unique unfailing premonitions on secured evaluations for business’ successes/failures and on tax sheltered projects, for they always earned far more from his type of secured acquisitions, investments that brings them an overwhelming source of wealth/success cash abundance, plus, he helps provide more secured revenue/jobs for the economy, as a whole!
In 1970, K. R. was asked to rejuvenate a small 20 year old bed & breakfasts, that was considering closing due not being adaptable to hospitality changes. As the new manager, Ken resolved their problems, increased net profits by 45% with that year and gave management back to extremely happy owners and moved on to the ne5xt troubled spot. For he loves resolving all problems, then moving to the next “so called impossible fixity.
In 1981, A Publicly Traded Company In Bankruptcy, For 6 Years, With No Assets And $10Million Unsecured Debt, That We Resolved Completely Debt-Free In 60 Days, It Became Self-Sufficient & Profitable In 90 Days)! According Legal Advisors, “This Was Astounding, To Say The Least!” Within 1 Year, we merged it with another Publicly Traded Company that needed to use said company’s $10,000,000 in tax credits to lower their tax burdens. At this time, K. R. earned the “handle” wealth & success guru, (due to his unique ability to attract cash, anything needed to resolve various needs),
Next, 1982, A troubled shopping mall owner asked K. R. to buyout his shopping mall, (including a restaurant/nightclub, hardware store, health oriented hot tub rental), with fast cash due to his leaving the country. K. R. gave him his proposal that he would have his $3,500,000 cash in full by the time he reached his destination, in 2 days, it was there on time, yet K. R. had no funds on him at that time and at first, he had no idea who/where it was coming from. All he did was believe strongly, it would be there without doubt! For that belief/premonition has always came through for him, to date in 50 years.
1990, K. R. was asked to help 7 different companies that were All preparing to file for bankruptcy within a few days, so he agreed to do a legal stock trade with each of companies, amounting to be a total buyout of $100,500,000. of debts In full. This required that K. R. liquidate that amount within 6 months, which was accomplished, even though he had no actual resources of his own, so he gave all this debt to his wealthy clients, so they could reduce it from their taxes for years to come. This also left those 7 companies without debt, which is K. R. ’s solemn request for all companies.
2000, A resort developer hired K. R. to help fund his resort startup that ran out of funds after other investors invested $20,000,000. K. R. received $250,000,000 to invest in 60 days, but returned it all IMMEDIATELY to the owners, when he learned that the $20,000,000 was actually defrauded cash from other investors that suffered from their great losses.
K. R. felt bad, because he could not have protected these investors from their losses, for he is totally against stealing/scamming from anyone! So K. R. retired, for 10+ years, until his loyal investors/friends, “Begged” him to give them more of his unique unfailing premonitions on secured evaluations for business’ successes/failures and on tax sheltered projects, for they always earned far more from his type of secured acquisitions, investments that brings them an overwhelming source of wealth/success cash abundance, plus, he helps provide more secured revenue/jobs for the economy, as a whole!
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