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Three groups in talks to buy Coral Beach

Coral Beach: Three groups are in talks to buy the club.

A group of concerned members is among three potential buyers now in talks to purchase Coral Beach Club from its current leaseholder Brickman properties.And the resort is expected to stay open after the end of the month, the group stated in a press release issued yesterday.Two US-based investment companies are also in talks with Brickman. It’s understood from a source the asking price is around $10 million.CBC members met Thursday night to discuss the club’s future and how to keep it operating the way it has been. The meeting came after members rejected a plan by New York-based Brickman to sell them the resort’s facilities for $28 million.There were fears the club could close at the end of this month after Brickman stated it would collect membership dues only through November.Member Anthony Gorham made the following statement to the The Royal Gazette yesterday: “The steering committee of an informal group of members made a private presentation on Thursday to members of CBC. In that presentation the steering committee said, among other things, there are two other groups looking to buy out CBC from its leaseholder. The members would constitute a third group.“It is our understanding CBC is expected to stay open for the immediate future. The steering committee is committed to working to achieve a solution that benefits staff, members, prospective members and Bermuda as a whole. “Along with rumours of the club closing this year, there had been rumours relating to CBC being turned over to mortgagee Swedbank.Brickman has declined to comment on the club’s future.