The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A realtor is hoping innovative marketing will enable him to succeed where others have failed in selling Freeport’s $30 million Xanadu Beach Resort, describing a successful deal as “a game changer” for the city.

Arlington Capron, principal of Bahama Islands Luxury Properties, told Tribune Business that the resort and associated amenities had been placed back on the market after a potential sale “fell through”.

While the Xanadu is listed for sale by numerous Bahamian realtors, Mr Capron yesterday explained that he aimed to ‘stand out from the crowd’ through the creation of a website that is dedicated solely to marketing the resort to potential investors.

“Every company has it on their website,” he said. “The approach I wanted to take was to create a website specifically for that property, and give a comprehensive view of the property itself, so that people can focus in on it with no distractions and see the potential.”

The Xanadu’s owner, Mario Donato, has been seeking to sell the resort that was once the home of eccentric billionaire industrialist, Howard Hughes, for four to five years.

Tribune Business last year reported that a sale had been agreed with Kyle Houts, a US-based entrepreneur, but that sale appears not to have concluded, although it is unclear whether it was the latest deal to fail.

“There was a sale pending, but it fell through about a month-and-a-half ago,” Mr Capron told Tribune Business. “It’s back on the market. Freeport needs some help, so I’ve sent this out to everyone I know so that the word gets out it’s for sale again.”

Mr Capron said finding the right buyer would be a major boost for Freeport’s tourism and economy, as the Xanadu’s re-opening would create direct jobs for around 300 persons.

“When you have friends and family in a position where they could lose their homes, that’s how important this is,” he added of the need to sell the property to the right purchaser.

“It’s an awesome property, and has one of the best beaches. The write-ups it used to get on Trip Advisor were amazing.

“It would be a game changer for the city of Freeport, and put 300-plus people back to work easily, especially to someone who has the wherewithal to take that property to the next level. It has so much potential. It’s ripe for the right person to transform.”

Mr Capron added that the Xanadu was the only major hotel that was both close to Freeport city centre and the beach, while also being located just 200 feet from the Princess Isle community.

Despite the Xanadu having been closed for several years, he said the property had been “well maintained” by its owners, who went on site “every other day” to clean and air the resort and associated buildings.

“I’m giving it my best shot,” he told Tribune Business of the sales effort. “For the shrewd buyer, all of that available land is there to be used for expansion with villas, condos and cottages; however they want to use it.”

Mr Capron said the Xanadu had more than 2,200 feet of beach and canal frontage, and he had already received interest in the property despite marketing it for just a short period of time.

“I did a presentation for some individual US buyers and investors,” he added. “I introduced it to one guy, and he said he wished he’d known about it. He said he was going to get a couple of his US investor friends to come down and take a look. I’m already getting interest.”

Mr Donato is still seeking his original $30 million purchase price target for the Xanadu property, which covers 18 acres and features some 75 marina slips, in addition to 184 rooms.

“It is perfect for aggressive rooms and amenities expansion or adding condominiums,” Mr Capron’s website says of the resort.

“The hotel is situated on a semi-private beach just a five-minute drive away from the International Bazaar and the Casino at Bahamia.

Adding to its strategic location, the Xanadu sits just 10 minutes from Grand Bahama International Airport. Its rich history includes a reputation as the party venue for Sinatra’s ‘Rat Pack’, as well as the home of Mr Hughes.

Amenities include three bars, a swimming pool, a restaurant, retail shops and tennis courts.