Bermuda welcomes sale of top resorts

Published: Thursday | December 26, 2013 Comments 0
A waterfront view of Hamilton, Bermuda.
A waterfront view of Hamilton, Bermuda.

Premier Craig Cannonier has welcomed the sale to two New York-based companies of two of Bermuda's most exclusive resorts - the Coral Beach & Tennis Club and its sister property Horizons & Cottages - which had been in receivership.

A spokesman for the properties confirmed that a sale had been agreed with a subsidiary of Three Wall Capital, taking over the properties in partnership with ROC Group, an investment firm.

The sale price was not disclosed.

Receivers KPMG sought a new buyer in September after the properties went into receivership earlier this year.

"Today marks another vote of confidence for Bermuda and our tourism product. The sale of the Coral Beach & Tennis Club and Horizons & Cottages to the Three Wall Capital and the ROC Group is further evidence that the country is moving in the right direction. Both properties are vital to our tourism industry," Cannonier said.

KPMG managing director Charles Thresh said following a 10-month receivership period, "It is extremely satisfying to have concluded the sale of the operations of both the Coral Beach & Tennis Club and Horizons & Cottages on a going-concern basis.

"The Coral Beach & Tennis Club is a landmark Bermuda property and members' club and is of significant importance to the Bermuda economy. As such, it is particularly pleasing to have been able to operate the club successfully on a 'business as usual' basis and achieve this sale, putting the club and properties in the hands of new owners to secure a long-term future."

Chief executive officer of Three Wall Capital, Alan Kanders said the company was thrilled at the prospect of taking over the two properties.

"Both Bermuda and Coral Beach Club have been synonymous with luxury, service, and hospitality for a number of years. As the new owners of Coral Beach Club, we seek to pay homage to the past yet firmly embrace the standards the world has come to expect in 2014. We intend to create a product all Bermuda can be proud of."

In a letter to members, Kanders and Roderick O'Conner of ROC Group said the purchase "will enable our many loyal members to finally have the comfort and stability one comes to expect from their club.

"The Coral Beach & Tennis Club is an amazing facility and we are honoured to be the new stewards of this world-class property. We have many plans for the future of CBC which we are anxious to share with our members in the New Year. It is our intention to open channels of communication with all those who have questions," the letter said.

- CMC

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