Newstead Belmont Hills offered for sale – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Newstead Belmont Hills offered for sale

Newstead Belmont Hills has been put up for sale.

The four-star hotel, which went into receivership in December last year, has been advertised in the Dow Jones' Barron's publication.

It states: “Newstead Belmont Hills Golf Resort and Spa is a newly constructed 60-key, four-star hotel, comprised of 270 fractional units, in Bermuda with first-class amenities including a water shuttle, USGA 80-acre, 18-hole golf course, development lots and cottages.”

The Royal Gazette understands there have been several groups interested in buying the property, but no-one would officially comment on the sale.

Nor would they say how much the property is going for.

The advert states only qualified bidders will receive additional information.

Ernst & Young are the receivers for the hotel. The company did not respond to a request for comment.

The property went into receivership after Butterfield Bank called in a multi-million dollar outstanding loan. The hotel is still running and the receivers want to sell it as a going concern.

Developer Kevin Petty, who owned the property before the bank called his loan, previously told

The Royal Gazette he was shocked by the bank's move in January.

At the time he said he would try to raise enough capital to repay the loan, adding he has already invested ten years of his life and millions of his own money.

“I have sacrificed everything to keep this project alive and I don't intend to simply walk away and lose it all if I can possibly avoid it,” he said.

“I will continue to work with the bank and receivers and hope that this is the shortest receivership in history and the project ultimately succeeds down the road.”

The Royal Gazette was unable to reach Mr Petty yesterday and ask if he was still trying to repay the loan and buy back his hotel.

In February Butterfield Bank announced it made a loss of $207.6 million in 2010. One of the drivers of the loss was the $31.8 million the bank took out in respect of large hospitality loans.

Pink Beach Club was put into receivership by Butterfield Bank last year and Newstead Belmont Hills Golf Resort in January.

For sale: Newstead Belmont Hills Golf Resort and Spa in Warwick Photo by Tamell Simons

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Published March 18, 2011 at 10:37 am (Updated March 18, 2011 at 10:37 am)

Newstead Belmont Hills offered for sale

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