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Sonesta Beach resort site sold for $10.5m

The former Sonesta Beach resort site was sold to the Green family for $10.5 million, documents from the Registrar show.

The documents show the transaction was filed on March 18 this year in which Sinky Bay Ltd purchased the 32-acre Southampton property from a company called SSBT LCRE II LLC.

Scout Real Estate, the US developer which bought the property in 2007, had planned to build a five-star resort there. But after demolishing the hotel, its plans for what it called the Southampton Beach Resort were scrapped. And Lehman Brothers, the US investment bank which filed for bankruptcy protection during the 2008 financial crisis, had been the main financier of that $200 million project.

The Green family, who own the Fairmont Hamilton Princess, is conducting a review of the Southampton Beach Resort to determine the way forward with it.

They intend to consult with “Government, Planning and relevant stakeholders” as part of that process, a spokeswoman said earlier this year.

The sale was led by Rego Sotheby’s International Realty with Jones Lang LaSalle’s Capital Markets.

Prime property: The former Sonesta Wyndham resort site

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Published June 27, 2013 at 9:00 am (Updated June 26, 2013 at 7:25 pm)

Sonesta Beach resort site sold for $10.5m

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