THE TROUBLED Four Seasons luxury resort development is now out of Government’s hands and its future still seems shrouded in mystery.
Minister of Finance Chris Sinckler said yesterday that Government had signed documents to transfer the project back to the private sector.
The project initially attracted a cast of international celebrity buyers, but in 2010, Government stepped in to bail it out after construction had stalled in 2009. Financing had dried up and sales of its private villas had slowed.
In a bid to salvage jobs, Government agreed to guarantee a $120 million loan from a Caribbean bank to help restart construction on the 30-acre site in Black Rock, St Michael. In return for the guarantee, the Government was to have gained a 20 per cent equity stake in the project.
However, the downside was that if the developer defaulted, Barbadian taxpayers would get stuck with the loan.
