Fair and reasonable. That’s how Professor Avinash Persaud, Chairman of the Four Seasons Project’s current developers Paradise Beach Limited, views Government’s decision to formally put the stalled initiative up for sale.
After receiving “a handful” of bids for the hotel and villa project, last week the Freundel Stuart Administration published notices in the media inviting offers to purchase it.
Persaud, who has been in charge of reviving the massive tourism venture for the past few years, told Barbados TODAY: “Personally I think it is a fair and reasonable step.”
“A number of serious parties have expressed an interest after the first cut off date, but this was made to those we were engaged with, but not widely broadcast, and the offers have all been quite different, so I believe this is an attempt to put everyone on a level playing field and in a transparent manner,” he added.
The invitation to purchase notice issued last week said in part that “the mortgagee in assessing the suitability of the proposals for purchase will take into account the capacity of the proposed purchaser to initiate construction of the approved project no more than 12 months from the date of purchase”.
“Offerers will be required to enter into a collateral developmental agreement in relation to the property and their proposals in relation to construction of the approved project should be clearly set out in their offers,” it said. Interested purchasers have to submit their offers to the Corporate Secretary Clearwater Bay Limited, in care of Inn Chambers, Lucas Street, Bridgetown by September 30.
In a comment on the project’s status last week, Minister of Finance Chris Sinckler said: “There have been a number of proposals put forward which are very exciting. If those people can show definite proof of funds, I’m keeping my fingers crossed that we should have some word for Barbadians very soon that would be positive for the country.”
Additionally, Persaud said in a previous comment that he understood “the Government Review Committee is making progress and an end is in sight, but it is still considering offers made to purchase the Four Seasons Barbados project and carrying out due diligence on the different parties”.
“There were a number of offers but they were each very different and hard to compare. Moreover, each required a different set of settlements with stakeholders to be negotiated and this, along with the vacation period in Europe, has slowed down the process,” he added. (SC)
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