The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The acquisition of Walker’s Cay is “moving relatively quickly”, a Cabinet minister said, with most of the terms thought to have been agreed by the seller and purchaser.

Khaalis Rolle, minister of state for investments, told Tribune Business the Government was awaiting an update on the sale of the northernmost island in the Abacos.

“Walker’s Cay is moving. We are just waiting on an update. That is moving relatively quickly and we believe that most of the terms have been agreed to by the seller and the purchasers,” said Mr Rolle.

He also expressed optimism regarding the Abaco Club at Winding Bay. The 534-acre property, which has been marketed as a luxury resort, has been at the centre of a dispute between property owners and Marriott.

Marriott Vacations Worldwide and its Ritz-Carlton brand have been seeking to sell the Abaco Club for around 18 months, 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.

But Mr Rolle said: “Winding Bay is moving along quickly also. We are seeing some positive signs. I think we’ll have some good news in a couple of weeks. The parties are engaged and they are working out terms.”

Mr Rolle told Tribune Business back in February that Marriott was in talks with at least two investor groups looking to purchase the Abaco Club on Winding Bay, noting at the time that he had taken a personal interest in driving those negotiations.

One offer to acquire the Abaco-based property had come from the Police Staff Association’s pension fund, backed by a Minnesota-based financier, with plans to turn it into an Olympic-standard athletic/sporting facility.