The saga surrounding what was to have been a $600 million branded hotel, villa and golf course project in St Peter appears to be near resolution.
About ten years ago, plans were announced for the resort at Black Bess on 240 acres. It was to be undertaken by local company Bacassa Developments (Barbados) Limited in partnership with Singapore-based hotel chain Banyan Tree Hotels & Resorts.
However, after major excavation work took place, the venture ran into financial difficulty and eventually into receivership.
Efforts to find a buyer failed over the last few years. BARBADOS BUSINESS AUTHORITY understands that real estate companies Terra Luxury and Knight Frank are involved in an initiative that would see the northern property “sold via a bid process which will mature on December 12”.
There was said to be no “guide price” for the property which at one stage had a $30 million price tag.
While informing prospective buyers that “additional details and site visits are available on request”, Terra called the sale “a great opportunity to acquire one of the last large undeveloped freehold sites along the west coast of the island”.
As originally announced, the Bacassa Development was to have included the Banyan Tree Hotel with up to 100 rooms, an 18-hole golf course and up to 200 residential units.
The project was officially launched in 2007 by then Minister of Tourism Noel Lynch but eventually ran into financial difficulty. Receivers Christopher Sombrano and Craig Waterman, who were representing PricewaterhouseCoopers, subsequently hired three real estate companies to find a purchaser.
Real estate officials had said that while there were approved plans for construction of a hotel, villa and golf course development, there was scope for any new owner(s) to transform the property into “a more straightforward residential development approach”. (SC)