Minister of Tourism, Ian Gooding-Edghill, announced in Parliament yesterday that two hotels in Christ Church, the Blue Horizon Hotel and Savannah Beach Club Hotel & Spa, are now up for sale. Negotiations are currently underway for the sale of the Savannah Beach Club Hotel & Spa, with the Minister aiming to conclude the deal by the first half of the financial year.
The sale of the Blue Horizon Hotel, however, is not as far along in its development, as work is being done to end the previous agreement that was reached with the Freundel Stuart Administration. Legal advice is being taken to see what options are available and once completed, the hotel will be valued in order to get the best possible price for it.
The eventual buyer of the Blue Horizon Hotel must be someone who will keep it going and not convert it into something else, as the hotel must remain in situ due to the need for its capacity.
If you are looking for hotels for sale in Barbados, please find our full list here.
The sale of the Savannah Beach Club Hotel & Spa is also meant for the buyer to have the opportunity to further expand the hotel’s footprint and more importantly, Barbados’ brand experience as a tourist destination. This includes the process of swapping the lands of the old police station with the new one, a project that is complicated by the issues over the title of the land, but is believed to be concluded by next year. The matter is further complicated by the involvement of the Sun Group Inc, who currently lease the hotel.
“During COVID-19 Bernie Weatherhead had spent quite a bit of money on renovations, and as a result, there was no lease payment, but since then we have started the lease payments. It is not currently at market rates yet, but we are getting there. Hopefully, we will reach a sale before then,” said Harris.
If you are looking for hotels for sale in Barbados, please find our full list here.
If you’re thinking of investing in property in Barbados, visit www.nvestestates.com for more information on available properties for sale and to schedule a viewing.
