Coral Beach Club and Horizons Cottages have a new owner after hotel investment firm Three Wall Capital LLC announced it had taken over the South Shore, Paget resort for an undisclosed sum.
This is good news both for Coral Beach and for Bermuda tourism, and may signal an increase in confidence in Bermuda by hotel investors.
Three Wall is headed by Alan Kanders, who was formerly a managing director in Lehman Brothers’ tourism investment division, which closed along with the rest of Lehman in 2008.
His biography is here. At the risk of reading too much into this, it is interesting to note in the wake of the referendum U-turn that prior to joining Lehman, Kanders had quite a lot of experience in hotel gaming, including setting up a gaming establishment in Barbados some years ago.
Premier Craig Cannonier, in explaining why the referendum was dropped, did say this: “And we have taken concrete steps to move ahead with gaming – a vital component of our Tourism revival strategy.
“With gaming, we are confident we can attract investor dollars for the construction of new hotels and visitor activities.”
It’s also interesting that The ROC Group seems to be headed by Roderick O’Connor, a former principal of The Brickman Group, which previously held the lease for CBC before it went into receivership.
- Coral Beach & Horizons Sold To New Owners (bernews.com)