TREASURE CAY MARINA
By YOURI KEMP
Tribune Business Reporter
ykemp@tribunemedia.net
Treasure Cay Resort president Robert Meister has confirmed that the sale of the resort will continue with Dr Mirko Kovats.
The rescinding of a $20m bond from the purchaser never took place as stated by Kirk Cornish, Member of Parliament for North Abaco and reported earlier.
Robert Meister, president of Treasure Cay Limited, responding by text messages to requests made by Tribune Business, said: “Treasure Cay Limited has never required any sort of bond from the buyer. We are very hopeful that this sale can be concluded as quickly as possible.”
Dr Wolfgang Groeger, speaking on behalf of the Kovats Family Office in Vienna, Austria, said: “There hasn’t been any request of a $20m bond so no reason to even discuss such.
“Dr. Kovats has a binding purchase agreement and will execute this. The deal has been on since February, 2021, and has never been off.
“This is a purely private transaction between private sellers and private buyer and has to be approved within 60 days by the New Day investor-friendly government.”
Dr Kovats has been waiting since August, 2021, but also said that he is “not prepared to wait forever”.
Dr Groeger added: “No Crown land requiring government to approve any development plan, the Treasure Cay development is 50 plus years old, since 20 years for sale, sold since February, 2021, and simply needs quick reconstruction of marina, restaurants, commercial center which has been confirmed to the prime minister on the occasion of several meetings.”
The resort is an economic anchor for Abaco and provides jobs and economic stimulus.
Some residents are not in favour of Dr Kovats purchasing the resort and have made their feelings known about the sale. However, residents do understand that the resort needs to change hands in order for Treasure Cay to move forward.
Comments
Baha10 1 year, 11 months ago
Well there you have it … the Principals on both sides have spoken … so said, so done?!?
Bonefishpete 1 year, 11 months ago
Government approval will be needed one way or the other. Wish them luck.
Baha10 1 year, 11 months ago
… hence why Cayman and TCI have been eating our post Independence Lunch! Both were behind Long Island in 1973 … today Long Island has gone backwards, along with Andros and Eleuthera and by contrast they have left the rest of us in the dust with Abaco our only true success story … and then came “Dorian” 😞
Maximilianotto 1 year, 11 months ago
„Not prepared to wait forever“ is a clear statement. Hopefully understood by those to whom addressed. If this doesn’t happen Abaco will be dead for years to come and the MP for North Abaco can sweep the Abaco seabed floor.Unbelievable.
LastManStanding 1 year, 11 months ago
I'm sorry, I have to disagree that "Abaco will be dead for years to come". Will N. Abaco be a bit slow if TC Resort goes into the night, yes, but Baker's is far more important to Abaco and Hope Town alone attracts far more tourists than Treasure ever will. Abaco will survive quite fine if TC folds, it is more of a second home owner community than tourist attraction anyways.
Maximilianotto 1 year, 11 months ago
Didn’t know Baker’s Bay is a tourist attraction? It’s a big attraction for hundreds of Mexicans working there. Very racist place won’t let black taxi drivers get any business not even use the toilet. South African Manager in best Apartheid Tradition. Treasure Cay won’t employ Mexicans but Abaconians only that’s the difference.
LastManStanding 1 year, 11 months ago
All I'm saying is that it is a bit melodramatic to claim that "Abaco will be dead for years to come" if the deal doesn't go through. TC is really not that important in the grand scheme of things, and has been a dump for a couple decades now anyways. I am really interested to observe the dynamic between Kovats and the property owners if this deal does go through, TC is not a "resort" in the most traditional sense of the word.
Please, I'm an Abaconian, if Baker's employs Mexicans, TC employed just as many, if not more, Haitians. One is no better than the other when it comes to using foreign labour.
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