Bids invited for hotel, golf course, water shuttle and properties

  • <B>Still seeking a buyer:</B> Newstead Belmont Hills fractional resort in Warwick.

    Still seeking a buyer: Newstead Belmont Hills fractional resort in Warwick.

Newstead Belmont Hills, which has been in receivership for more than two years, has been offered up for bid in parts or as a whole.

The fractional resort was advertised in The Royal Gazette and Wall Street Journal last week.

Bids are being invited for the 60-room four-star fractional hotel, and/or water shuttle, 18-hole golf course, five adjoining town houses; seven residential lots, and four golf course cottages. The ad stated there were 270 fractions in total and currently 163 unsold fractional units in three parcels.

It’s understood fractional resales are now included in the number.

The ad said “offers are invited to purchase all or part of the assets”.

Bids are due April 12.

The resort has been looking for a buyer since being put into receivership in January 2011.

Its receivers and current managers are Robin McMahon and Gil Tucker of Ernst & Young.

They could not be reached for comment.

The Newstead Belmont resort is understood to have cost about $70 million to build, with sources saying one potential buyer had unsuccessfully offered in the region of less than $15 million for it.

Developer Kevin Petty, who owned the property before the bank called in his loan, previously told The Royal Gazette he was shocked by the bank’s move in January and had invested millions of his own money in what was the first hotel built in Bermuda since 1972.

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Published Mar 5, 2013 at 8:00 am (Updated Mar 4, 2013 at 10:06 pm)

Bids invited for hotel, golf course, water shuttle and properties

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