The Tribune

By NATARIO McKENZIE


Tribune Business Reporter


nmckenzie@tribunemedia.net

PRIME Minister Perry Christie revealed yesterday that the sale of the Abaco Club at Winding Bay was expected to close this summer upon completion of a new Heads of Agreement (HOA) with the buyer.
 During his 2014-2015 Budget presentation, Mr Christie said: “There has been a positive development which augurs well for the purchase, expansion and operation of The Abaco Club at Winding Bay.

“The members of the Club have joined with the experienced and successful Southworth Development Company to acquire the asset. There is now a signed Letter of Intent with a 60-day exclusivity period to complete the definitive purchase agreement, with closing scheduled for this summer, upon the completion of a new Heads of Agreement with the Government. This project will also create additional construction and permanent jobs.”

The 534-acre property, which has been marketed as a luxury resort, has been at the centre of a dispute between the property owners and Marriott.

Marriott Vacations Worldwide and its Ritz-Carlton brand had been seeking to sell the Abaco Club for more than a year, having acquired the property from its original developer, UK entrepreneur Peter de Savary. The resort operator had offered to sell the property for $28 million to a group of existing homeowners, who previously told this newspaper that the price was vastly over-inflated.

The homeowners, at that stage, were planning to forge ahead with their lawsuit for “at least” $10 million in damages against Marriott.