My fellow Bajans, I could write for hours today to compare the 2009 failure of the Four Seasons Resort Great Exuma with the recent calls to “invest” our NIS pension money in the on-life-support Barbados Four Seasons project.
But I’m not going to. Really… what is there to talk about?
At a certain point in time, there’s nothing more to be said.
The patient has been brain dead for months and no amount of heroic efforts will succeed. The resources are better used elsewhere. Pull the plug. End the suffering.
OR: Let it fail, then buy it at pennies on the dollar…
Say… that’s an idea! Why don’t we let the Four Seasons project fail, then purchase it for a good price? Why pump money into the project just to mitigate the losses of private investors?
OHHHHH…. I GET IT!
WHO ARE THE PRIVATE INVESTORS?
Now is the time at BFP when we juxtapose…
“(Four Seasons Barbados) is a viable project that can bring massive returns to investor and country, why on earth would Barbados want to turn its back on this project?”
Barbados Finance Minister Chris Sinckler in full bullshit mode as quoted September 28, 2011 in BFP’s Four Seasons Barbados wants your pension money
Tourist Drought Sinks Four Seasons in Bahamas
“We reluctantly had to control further losses,” Mr. Downs said. The property was on track to lose more than $5 million this year, as occupancies slipped recently into the 50% range, he said.
The resort, which contains a 180-room hotel, a marina and an 18-hole golf course, opened in 2003 and cost about $350 million to develop. The property is still on the block but now Mr. Downs says it will likely sell for less than $100 million. “The timing has been unfortunate,” Mr. Downs said. The starting rate for a room at the hotel was $495.
Wall Street Journal, May 27, 2009: Tourist Drought Sinks Four Seasons in Bahamas
Four Seasons worth the risk
“The potential high return justifies the risk, and the national interest will clearly be served if the Four Seasons project succeeds, and thus helps to restore confidence in the Barbados economy.”
Bob Verdun gives his opinion at the Barbados Advocate Four Seasons worth the risk!
Question for Mr. Verdun… Exactly how much NIS pension funds are you personally risking?
That’s what we thought.