(Source: The Wall Street Journal)
The sharp falloff in resort tourism in the Bahamas has claimed one of its largest victims: The financially struggling Four Seasons Resort Great Exuma closed Tuesday after failing to stem the flow of red ink.
The 500-acre resort’s closure comes nearly two years after Emerald Bay Resort Holdings Ltd., the Bahamas-based developer of the property, defaulted on a $120 million construction loan from Mitsui Sumitomo Insurance Group Holdings Inc., a Tokyo-based insurance company. Emerald Bay and Mitsui couldn’t be reached for comment.
PricewaterhouseCoopers, hired by Mitsui to act as the receiver to handle the property after the developer was deemed insolvent, closed the hotel after a deal to sell the property to an unidentified buyer unraveled in late March, according to Russell Downs, a partner at PricewaterhouseCoopers in London.
Read the full article by Maura Webber Sadovi “Tourist Drought Sinks Four Season in Bahamas” in the Wall Street Journal (May 28, 2009)