The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

THE owners of an Exuma resort are seeking at least $11m when the property is sold via international auction in two weeks’ time.

Fred Wetzelberger, part-owner of Exuma Palms, said he and his partners were never able to secure the financing needed to sustain the resort, which is why they decided to exit via an auction process that they hope will maximise their returns.

He said: “I just had trouble over the years. After 2008, and after the real estate crash, things were tough especially after the Four Seasons hotel pulled out of Exuma. Then, after that, four or five years when things were tough.”

While Exuma Palms has performed better over the past three years, Mr Wetzelberger added: “Financing is hard to come by to get the project properly financed. So we listed it with a couple of different Bahamian realtors, and it didn’t really get a lot of traction there.

“So we thought placing it with an auction might give us a broader scope of folks that would look at it from the Caribbean as well as internationally. So an auction might be a good approach to take.”

The Exuma Palms is an 18-acre oceanfront property in Great Exuma. The property is reported to have development approval so a new owner can start developing the site right away. The auction is being handled by US-based Elite Auctions and is scheduled to take place on February 27.

Mr Wetzelberger said: “It’s a beautiful property. A great property. I think it lends itself to a very nice mixed-use development - hotel condominiums, that type of thing. “We think we are going to get in the area of $11m to $12m. I talked to some Bahamian developers that are very interested, and it would be nice if a Bahamian group took control of the property. That would be great.”

Asked if COVID-19 accelerated the desire to sell, Mr Wetzelberger said: “We were thinking about doing this last year during National Regatta. Then COVID-19 shut everything down. But I think with a vaccine out there, and that getting implemented, I think now is the time for somebody to make decisions about the future.

“I think we’re going to put the COVID-19 behind us over the next four or five months and somebody can do good things. Exuma has great rapid testing, once you’re on the island, to get back off the island to the States or wherever you’re going.

“So I think the testing has gotten very good. With Nassau, the same thing; the testing is very good. So I think people are getting more comfortable in The Bahamas, as with other places in the world, that they can travel and travel safely.

“In some ways people are looking for places to live remotely. Now they can work remotely, they can they can educate their kids remotely, and what better place to do it than on a beach in The Bahamas.”