Elbow Beach owners in talks with potential buyers – The Royal Gazette

Created: June 24, 2022 1:43 p.m.

Elbow Beach Hotel, before it closed its main doors (file photo)

The owners of the closed Elbow Beach Hotel are in talks with a potential buyer.

The historic Paget establishment was one of the first victims of the collapse in tourism triggered by the coronavirus pandemic crisis.

However, talks are currently underway with a possible new owner.

A spokesperson for the Elbow Beach Hotel said The Royal Gazette“The hotel was put up for sale by CBRE Hotels in 2019 and they launched their marketing efforts in early 2020, which coincided with the global Covid pandemic.

“We continue to receive inquiries from various parties regarding the status of the hotel’s sale process.

“We are in discussions with a potential buyer and are not providing any further comment at this time.”

The spokesperson said the hotel would release further details “when the status becomes more specific.”

Vance Campbell, the tourism minister, welcomed the prospect of the property no longer sitting unused.

He said: “It will be good news when and if it’s finalised. It’s fine if individuals are looking to develop the property, otherwise it’s just sitting there.

The hotel closed in March 2020, making all staff redundant.

It was expected to reopen by 2021.

But fears the hotel may never welcome guests again were fueled earlier this year when it carried out a massive house sale.

Elbow Beach Hotel house sold in March. (Photograph by Akil Simmons)

Hundreds of people lined up as everything from china to furniture sold out at bargain prices.

The Saudi-owned hotel’s restaurant complex is run by Bermuda-based MEF Group and has remained open for business.

Café Lido and the Sea Breeze Lounge and its terrace continued to serve diners, although the iconic hotel and its chalets remained closed.

The Lido complex on the Elbow Beach Hotel property reopened in March after being closed during the winter months for renovations.

Speculation about the future of the Elbow Beach Hotel follows the controversial redesign of another famous resort, the Fairmont Southampton.

A political row has erupted in Cabinet over taxpayer-funded financial relief for the massive $376 million overhaul.

In May, Parliament approved tax concessions valued at between $121 million and $133 million over 15 years to owners of Gencom sites.

The government has also granted a guarantee of $75 million, or 21% of the revised project costs.

The move was sharply criticized by Progressive Labor MP and former finance minister Curtis Dickinson, who left cabinet in February after clashing with David Burt, the prime minister, over the deal.

Mr Dickinson told MPs this month the government was ‘flying blind’ on the true costs of the Fairmont Southampton situation and was ‘too generous’ to Gencom developers.

The former finance minister also said there was a risk that other developers would come to the government for retroactive relief because of the Fairmont deal.