The Tribune

By NEIL HARTNELL

TRIBUNE Business Editor

nhartnell@tribunemedia.net

THE ABACO Beach Resort’s proprietor yesterday confirmed he is “in discussions” and has been “approached” but denied that a sale of the prominent hotel and marina has been agreed or sealed.

Emanuel Alexiou, who is also the Bahama Out Island Promotion Board’s president, told Tribune Business that talks with, and approaches from, interested purchasers are meaningless until a sale closed as he rejected suggestions from multiple Abaco and other sources that the 96-room property is “actively” seeking a buyer.

“We do not have a sale. I have been approached but there is no sale,” he replied, when contacted by this newspaper. “We often get approaches; it means nothing. There is no sale; that’s the bottom line. Treasure Cay has been sold many times” but no agreement ever finalised for that Abaco development.

However, when this newspaper mentioned it had been tipped that negotiations were taking place with an unidentified American group, Mr Alexiou said: “I really can’t talk about it. They’re not supposed to talk about it. We’re in discussions, but it doesn’t mean anything until someone is prepared to do something and nobody has done anything yet.

“We talk to a lot of people. It doesn’t mean anything until somebody takes it off the market; it’s still on the market. We’re not actively trying to sell it.” Mr Alexiou also said upgrades to the Marsh Harbour resort, one of Abaco’s most prominent tourism properties, were nothing more than “regular maintenance” that operators undertake during the traditionally slower part of the tourism season.

Tribune Business reached out after multiple sources, all speaking on condition of anonymity, all confirmed that negotiations over the Abaco Beach Resort and Boat Harbour Marina’s potential sale to an unnamed US group were becoming akin to an open secret on the island.

“I can confirm that I have heard that, and it is all around town that is has been sold or is up for sale,” one contact said. Another asserted they understood that the purchase is “under contract and ready to close”, although there was a sense that completion is starting to drag.

Another well-placed contact, also speaking on condition of anonymity, hailed Mr Alexiou’s contribution to Abaco beyond the resort, praising him for his role in the island’s restoration following Hurricane Dorian’s 2019 devastation and, especially, in providing accommodation for the non-governmental organisations (NGOs) that played a vital recovery role in the Category Five storm’s immediate aftermath.

“They are in negotiations, and it hasn’t been finalised, but it’s definitely being transacted,” they said of the potential Abaco Beach Resort deal. “I know the buyers are not Bahamian and, as far as I understand, they are an American group. I know they are not Bahamian. It has been confirmed to me that they are in negotiations, and that Mr Alexiou would not be deserting Abaco in terms of his presence here.

“He’s been a big contributor to Abaco and its development. He’s part of the family. He was really the first guy to come back. His facility really benefited a lot of NGOs and made it possible for them to stay when conditions were deplorable; without water. He didn’t really charge them. He wanted Abaco to get back and rebuilt.

“Abaco has a great debt to him for that, and certainly he’s someone who’s made a positive impact for Abaco and the Abacos, certainly the Marsh Harbour area. It will be sad for us to see him go, and I’m sure he’s picking a buyer who will carry on the same kind of support as much as he’s able to. That’s the kind of person he is. But you cannot guarantee it. When you sell something, it’s done.”