By NATARIO McKENZIE
Tribune Business Reporter
The Eleuthera Chamber of Commerce’s president yesterday said he did not know enough about the Enchantment Group’s purchase of The Cove to determine its impact on the island’s economy.
“I have not seen them or know who they are,” Mr Sands said of the resort’s new owner. “I don’t know what it means at this point other than the property has been sold.
“I hope that he [Sidney Torres IV] has made a profit but I don’t even know the price point. At this point I don’t think I can state whether it’s good or bad. There is a continuation of service. Maybe in the next few weeks we will know a bit more.”
Babs Harrison, communications director for the Arizona-based Enchantment Group, a hospitality management firm, in an e-mail reply to Tribune Business confirmed that the group had purchased The Cove and was planning to build a spa. She offered no other details.
As much was revealed in an April 27 press release, which said the Enchantment Group had acquired the 40-acre luxury beachfront resort from New Orleans-based businessman, Sidney Torres IV, and his IV Capital.
The 70-room all-villa resort had been in operation for two years after 10 months of construction. and employed as many as 150 people.
The Cove is the newest addition to the Enchantment Group collection which also includes Enchantment Resort; Mii amo, a destination spa; and Seven Canyons golf club, all in Sedona, Arizona; and the Tides Inn located on Virginia’s Chesapeake Bay.