Bids expected for Coral Beach and Horizons
Two of the Island's best-known resorts could soon be under new ownership, with potential investors of the Coral Beach Club and Horizons being asked to submit bids later this month.
The properties, which are set on a combined 52 acres and enjoy South Shore views, are being sold by a combined team of Jones Lang LaSalle, Rego Sotheby's International Realty and GARI Realty Advisors, Inc.
The sales team will be holding tours of the properties next week, while “interested and qualified parties” are asked to submit their offers on or before September 25.
According to the Jones Lang LaSalle website, the sale represents “a tremendous opportunity to repurpose and redevelop these stunning, dramatic properties”.
“Coral Beach is a fully functioning members' beach and tennis club, currently with 1,316 members,” the website added.
“The club operates on a 29.64-acre parcel on the south side of South Road and currently comprises the main clubhouse including 12 guest units, 16 units in the attached main guest suites and 28 units in 11 detached cottages, plus pool and tennis facilities, squash courts, wedding, croquet and putting greens, and open space.
“The property also benefits from almost 2,000 feet of spectacular beach front on the south side of Bermuda.
“Horizons includes 22.96 acres on the north side of South Road, across from Coral Beach. The property slopes upward from the road, providing expansive views from the upper portions of the site. Horizons currently includes the main house, formerly a hotel, along with 14 detached cottages totaling 56 guest or residential units. The property also includes a pool with spectacular views, two tennis courts, and a former nine hole golf course, providing ample open space on the site.”
Swedbank AB New York is the mortgage holder for the property and KPMG Advisory has been named Joint Receiver to Coral Beach. New York-based Brickman had purchased the resort and Horizons from George Wardman's company with a loan which ended up being held by Swedbank in 2008.
As part of the lease purchase, Brickman had agreed to annual rental payments of $1 million for the Horizon lease and $1 million for the CBC lease for the next 45 years of the lease.
Jones Lang LaSalle had earlier stated that it expected “significant international investor interest” in the sale, adding that there was “no set price attached at this point”.
“It is whatever the market will bear,” a spokesman said.