Pink Beach Club sale is imminent
The Pink Beach Club is just “a few weeks away” from being sold to a buyer with an international reputation.
The new owner is in the “final acquiring stages” and those involved are “very hopeful” that the sale will be complete by the end of July.
The deal looks set to secure the long-term future of the resort and boost Bermuda’s tourism industry as a whole.
It is understood that the unnamed US group will carry out major renovations to update the struggling $600-a-night cottage colony.
The new owner will “work with the existing property” rather than demolishing and rebuilding its buildings.
The exclusive cottage colony is expected to stay open throughout the renovations and there are not expected to be any job losses.
Archer Hill, general manager at the Pink Beach Club, said everyone was very excited that the deal was on the brink of going through.
He said: “We are still going through the sale process, the new owner is in the final stages of acquiring the Pink Beach Club.
“We’re hoping it will only take a few more weeks, we’re very happy with how things are going.”
Mr Hill was keeping tight-lipped about the name of the new owner. He said it would be a name that is “perhaps new to Bermuda but known internationally.”
Mr Hill said it would be “business as usual” and dismissed rumours that the cottage colony would be demolished and rebuilt.
He said: “The new owner does have plans, but they’re looking to improve the product that is already there.
“We’re hoping to continue operating during whatever renovations that take place.
“We’re doing pretty good in today’s struggling economy and we’re looking forward to the future.”
The Bank of Butterfield filed a writ in July last year to place the hotel on South Shore Road, Smith’s, into receivership.
The Royal Gazette reported that summer occupancy rates in 2010 had been lower than previous years with fewer than 30 people staying at the property the week before the writ was issued.
The Pink Beach Club was forced to close for five days in September last year after about six of its cottages were damaged by Hurricane Igor. Waves from the storm entered the low-lying property.
Efforts to find a buyer have been ongoing since last year with the cottage-colony re-opening for the summer last month.
The 94-room resort has two private beaches, and 16 acres of gardens scattered with 25 cottages. None of the rooms have TVs.
The hotel’s managing director Mike Williams did not respond to requests for comment.
Man charged with causing January road death
From rivals to friends
Seniors face $10 entry charge
Insuring against a washout
Honouring Somerset's past
Firm buying BTC has one shareholder
Why the silence?
Placard row woman has no regrets
PLP clarifies its position on PRC issue
Court dismisses quarry lawsuit
Take Our Poll