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Bid offers for Elbow Beach Hotel begin

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The century-old, 44-acre Elbow Beach Hotel is for sale with Rego Sotheby’s International Realty (Photograph supplied)

One of Bermuda’s iconic vacation destinations may be sold by the end of the year, according to a leading realtor.

The century-old, 44-acre Elbow Beach Hotel, Bermuda's longest private beachfront resort, is for sale with Rego Sotheby’s International Realty’s exclusive listing agents Penny MacIntyre and Rachel Sawden.

An initial round of offers is due for consideration by the end of the month. Submissions from qualified bidders are due by May 31.

The resort could play a key part in the island’s future. Elbow Beach and the Fairmont Southampton, both offline for some time now, were two of the largest hotel properties and central players in Bermuda’s past tourism success. The closures led to a huge drop, directly and indirectly, in government revenues as several hundred jobs were shed.

Penny MacIntyre, the property’s lead listing agent, and partner at Rego Sotheby’s International Realty (Photograph supplied)

Ms MacIntyre, the lead listing agent and a Rego Sotheby’s International Realty partner, said: “Elbow Beach is a world-class redevelopment opportunity, already delivering great value from its rental income, and is attracting sophisticated local and international developers and hospitality operators who wish to move the beloved property forward, benefiting Bermudians and international visitors alike, and becoming stewards of Bermuda’s best stretch of beachfront island-wide.”

With regard to pricing objectives, Ms MacIntyre advised: “No list, nor guide price will be provided as prospective buyers will set out their purchase offering based on their due diligence and potential development proposals.”

The sale process is structured to first vet all interested parties for background qualifications — particularly with commercial hotel/tourism resorts and redevelopments, evidence of financial wherewithal and initial concepts.

Ms MacIntyre said: “Together with the joint receivers, we are in the initial phase of pre-qualifying interested parties and conducting escorted scheduled tours with qualified bidders.”

Prince Khaled bin Sultan bin Abdullaziz al-Saud of Saudi Arabia (File photograph)

The hotel was put on the market three years ago by the owner, Prince Khaled bin Sultan bin Abdullaziz al-Saud, a prominent member of the Saudi royal family, but there were no suitable offers. A spokesman later said they were considering their options. The property went into receivership last year.

By deed of appointment dated October 16, 2023, Michael Penrose, Joel Edwards and Eleanor Fisher were appointed as joint receivers of the property and assets of The Elbow Beach Hotel and Development Company, including Fritholme Gardens Residences.

The joint receivers are managing the property and acting as agents of the company, without personal liability, a statement said.

It continued: “The property is sold as seen, and in ‘as is’ condition and the purchaser will accept the property in such current state. The vendor makes no representations or warranties in relation thereto.

“This preliminary information is provided by the joint receivers based on the information currently available to them. They make no representations as to the accuracy of the preliminary information and accept no responsibility for any party’s reliance on the preliminary information.“

Ms MacIntyre set expectations: “The seller's aim is to determine the best-qualified purchaser, who is in the position to successfully redevelop this hospitality/tourism asset and restore hotel accommodations as a priority.”

The joint receivers and Rego Sotheby’s International Realty will shortlist prospects into a second round to allow for further due diligence and final bids.

Ms MacIntyre noted: “The formal bidding process includes a tightly managed timeline with the intention to conclude a sale before year-end.”

The property includes the half-mile, pink sand beachfront, hotel tower, cottages, a bar, restaurant and nightclub complex, parking lots, tennis courts, a scooter rental facility and stand-alone cottage.

It also incudes the adjacent Fritholme Mansion, Fritholme Gardens Residences and Fritholme Gardens Clubhouse, which includes amenities such as a restaurant, pool, gym, yoga studio, spa and a hair and nail salon.

The prime Paget Parish location is at the centre of the island’s South Shore Atlantic Ocean coastline, a perfect vantage point for seasonal whale watching, year-round kite surfing or snorkelling 400 yards out to the 1915 Pollokshields shipwreck and swim-through caves.

Fritholme Gardens Residences is an income generating rental condominium complex with 67 units. Tenants have access to the clubhouse gym and pool and the public has access to the restaurant, salon and spa.

The original 235-key hotel property dates back to 1908. Elbow Beach Hotel was later managed by the Mandarin Oriental Hotel Group from 2000 until March 2014.

The hotel then reopened as an independently operated property before closing in 2020 due to the Covid-19 pandemic.

Elbow Beach was also the site of some of the most memorable events of tourism’s heyday, when it hosted thousands of college students over the years for spring break.

Dubbed “College Weeks”, the event brought students to the island and Elbow Beach, as an introduction to Bermuda that led to many follow-up visits as adults.

Interested buyers in Elbow Beach and Fritholme Gardens Residences are encouraged to contact the exclusive listing agents Penny MacIntyre (pmacintyre@regosir.com) and Rachel Sawden (rsawden@regosir.com) with any inquiries

The original 235-key Elbow Beach Hotel property dates back to 1908 (Photograph supplied)
Included in the sale are the Fritholme Mansion and 67-unit Fritholme Gardens Residences and Fritholme Gardens Clubhouse (Photograph supplied)
Rachel Sawden, listing agent with Rego Sotheby’s International Realty (Photograph supplied)

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Published May 06, 2024 at 8:00 am (Updated May 07, 2024 at 8:26 pm)

Bid offers for Elbow Beach Hotel begin

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