The Tribune

By NEIL HARTNELL

Tribune Business Editor

THE Cape Eleuthera Resort & Yacht Club's property manager yesterday shot down claims the hotel was closing in two months as "totally not true", although its owners were still determining "some changes to how we do business and a few things".

Emphasising that the 19-22 unit property would remain open, and that its 55-slip marina was still "up and running at full steam", Dan Oliver said the closure speculation seemed to have started after its general manager, and Marina Operators of the Bahamas president, Stephen Kappeler, handed in his resignation for the post on May 4, 2012.

"The real situation is that we are going to make some changes, but we are not closing," Mr Oliver told Tribune Business of the resort that employs 47-48 persons.

"All of that [the changes] has yet to be determined, exactly what we are going to do. The ownership has not released all that to us. It's still in discussion what we're going to do.

"We are going to make some changes to how we do business and a few things, but that's yet to come. That's yet to be determined."

The Cape Eleuthera Resort & Yacht Club sits on a 4,300-acre parcel of land, but the properties themselves only take up "the top of the peninsula".

"It's mostly unimproved, undeveloped land yet to be developed yet," Mr Oliver confirmed. "We had, based on the economy in 2007, built out to a certain point, and nothing was built on the rest of the property. What we have to do as we move forward will have to be determined."

He added that Cape Eleuthera was also awaiting settlement of its Hurricane Irene insurance-related claim, as it needed the monies to repair some of the resort's damaged building.

Mr Oliver explained that when the insurance proceeds came through, Cape Eleuthera would do the repairs one building at a time.

He added that Cape Eleuthera's 19-22 units were 100 per cent occupied last weekend, and would be the same for the upcoming Memorial Day holiday weekend.

This, Mr Oliver said, would compensate for a reduction in marina/boating business and the move into the soft part of the boating season, adding of the villas: "I would say that each year there's been an increase in business."