03/09/10, 05:43:05 EDT

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Tourism minister says no official word yet on Royal Oasis deal

freeport.nassauguardian.net

Minister of Tourism Neko Grant responded to questions about a press statement by Harcourt Developments, new owners of the Royal Oasis Resort, indicating that the company would not be held responsible for any debts accrued by previous owners.

Minister Grant said that he was not aware of the release, and noted that the government had yet to receive any official statement from the Development Group.

"While I have not seen the statement, what I can say about the Royal Oasis is that we as a government are conscientious of the economic impact that it could have if and when it reopens and we will certainly encourage and assist where necessary to ensure that that does come about," he said.

"In terms of the obligations of the organization, I have nothing official yet, I will not be able to say until they give us (the government) something official.

Noting that he could not comment on a statement that was released to the media, Grant said, "Until they give us something we are not prepared to comment. As far as I am aware, we haven't received anything to date."

In the release which was issued last Thursday, the company confirmed that it had contracted to purchase the property only and would be concentrating on taking the development forward.

The company also expressed its delight with its recent purchase of the resort and said it is eager to begin works to "restore it to its former glory."

The Dublin, Ireland-based property construction and management company agreed to purchase the resort after a long negotiation process with Lehman Brothers Holdings Inc., the mortgagee for the property.

Harcourt is controlled by Pat Doherty and was vying heavily at the table against the former World Investment Holdings (WIH) group, who had only come on the scene in early May of 2006.

The sale was completed on April 27, 2007 for an estimated $33 million.

Harcourt Developments has been involved with properties in the Caribbean for many years.

It is one of Ireland's most successful privately owned property development companies.

One of its most notable properties is the luxury hotel in Carlisle Bay, Antigua.

It is also involved in a diverse range of projects across the globe from Latvia to Las Vegas.

The company said it hopes to continue its success with the development of high specification condominiums at Suffolk Court in Grand Bahama.

It already owns several sites in Bahamia and is the estate manager for the entire area.

The statement furthered that the Royal Oasis is yet another addition to the company's already well-established portfolio and cements their commitment to the island of Grand Bahama.

The company stated its intention to make a considerable capital investment in order to improve the hotels and facilities at the resort and to create a high quality tourist destination.

"When reopened, the resort will bring major benefits to the local area through increased tourism and local employment," the release read.

Discussions between Har-court and operators are ongoing for a hotel, condo/hotel, timeshare, with a casino, convention/meeting facilities, spa, fitness centre, food and beverage, retail, recreation and other amenities.

 Printable Version  | published May 21, 2007