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Four
Seasons Resort
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Residents of Nevis have
been waiting anxiously for the re-opening of the Four
Seasons Resort since it was closed in 2008 in the wake
of damage suffered from Hurricane Omar in mid-October.
It had previously been hit in 1999 by Hurricane Lenny.
The situation was addressed on Tuesday, April 6, by
Nevis Premier Joseph Parry during his weekly call in
radio show, "In touch with the Premier."
According to Mr. Parry,
securing financing for the purchase of the hotel has
been rendered extremely difficult due to the tight
financial environment within the global banking community
in the aftermath of the worldwide financial crisis.
He indicated, however, that the Nevis Island Administration
is making every effort to facilitate a deal.
The re-opening of
the resort is of crucial importance to Nevis due to
the fact that it was the island's largest employer
before being closed. With a small population, such
an occurrence was deeply felt by residents.
In a press release
from the Premier's Press Secretary, Mr. Parry is quoted
as saying, "When over seven hundred people are
suddenly made jobless by one employer in a population
of twelve thousand, that action will certainly have
an impact on the country-not just Nevis. It will have
a profound effect on the Treasury in terms of import
duties, it will affect the economy because of people's
inability to spend and of course it will affect the
number of tourists coming into the island who would
normally patronize the various restaurants and clubs
on the island."
A complicating factor
in the negotiations to re-open the Four Seasons is
that two creditors are currently trying to force bankruptcy
on the troubled property. Wachovia Corp., the mortgage
servicer, in conjunction with banks holding $69 million
in debt on the resort, attempted to foreclose on the
hotel on March 25, but Capstead Mortgage Corp., holders
of $39 million in debt, blocked the procedure because
it had filed a bankruptcy petition the week before.
An architectural firm seeking repayment joined Capstead
in the filing.
During his radio show,
the Premier sought to reassure Nevisians that the
Four Seasons Resort remained committed to operating
on Nevis, local rumors to the contrary. Calling the
rumors "counterproductive," Mr. Parry urged
those spreading them to cease and desist, adding that
they only served to distress those who are jobless
and hurting.
Adopting a confident
stance, the Premier promised that: "The Government
is very involved in representing the interest of Nevisians
and right now there is only one conclusion… the
hotel will need to be re-opened as soon as possible
and my administration will continue to work eagerly
in an effort to make this happen."
The Concerned Citizens
Movement's Mr. Mark Brantley, Leader of the Opposition
in the Federal Parliament, indicated on his radio
show Wednesday night that he supports any action that
Premier Parry takes to get the Four Seasons Resort
up and running.
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