The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A LONG Island resort’s principal yesterday said “it’s high time to put it in the hands” of an owner able to take it to four-five star status once the $11.75m asking price is met.

Joerg Friese, Stella Maris’ principal, told Tribune Business his age meant he needs “to look for a new future for Stella Maris” and the resort’s present 30-strong workforce with the property now being actively marketed for sale by the Bahamas Property Group.

“That is correct. That is absolutely correct. I haven’t even seen the listing myself,” he said, confirming that a formal sales process was launched within the last five days. The rationale for the sale is the following. It is two-fold. Actually, three-fold.”

Besides his age, Mr Friese said “a pioneer group” who worked with him on Long Island have all passed away themselves. And his daughter, Jill Smith, and son, Joel, who run the hotel and aviation services respectively, are “both as busy as can be” and also in their late 50s and early 60s.

“I need to look for a new future for all of Stella Maris,” he told this news- paper. “A new future has to be created... We had to curtail its capacity because of COVID and a few other factors, and it’s high time it’s put into the hands of and engaged and financially stable party who can increase its capacity, increase its quality and take it to Out Island four star/ five star.”

Mr Friese said he hoped to attract a purchaser who could exploit Stella Maris’ existing landholdings to complete “a real estate development around the hotel”, although he wishes that the resort “should remain at the heart of Stella Maris where just about everything starts and everything stops”.

Recalling how the resort in the 1970s, 1980s and 1990s employed double the number of staff it presently has, he said of current workforce levels: “That’s a direct result of two years of COVID and after COVID. Unless you have unlimited bank accounts you have to capture what has been saved so to speak but

we’ve come a long way in that regard.

“More than anything it’s my age now. This is my job. This is what I do. I’d like to get this done before retirement. My children are so busy with running their operations that they don’t have time for that. There is the motivation. My being at the point of time when I have to finish this job.”

Mr Friese said Stella Maris, which presently has occupancy levels of 35-40 percent, is not going beyond a self-imposed limit of 65 percent maximum occupancy due to staffing constraints and the need to maintain a high level of customer service.

“It’s nothing like what Nassau’s experiencing presently,” he added, comparing Long Island’s tourism industry and hotel occupancies to the capital. “They’ll prob- ably experience this year large demand because of post-COVID.”

Mr Friese, though, said interest in Long Island appeared to be picking up which he attributed to the potential development of the $260m Calypso Cove cruise port in southern Long Island.

The Bahamas Property Group in its promotional

flyer marketing Stella Maris, said: “Escape to paradise with the Stella Maris resort, an exquisite boutique hotel in tranquil yet emerging Long Island, Bahamas. This world-famous island getaway boasts command- ing ocean views as well as a beachfront bar and grill and bungalow.

“The hotel is well-suited for hosting weddings, corporate events and other special occasions with 14 bedrooms, four cottages, three apartments, two bungalows, three pools, two ocean lagoons and ample space for a spa/gym. Also featuring a restaurant, bar, meeting room, lounge and boutique shop, catering service, office facilities and a manager’s residence.

“Situated upon ten acres, there is room for hotel expansion, condominiums or other commercial development if desired. The international Stella Maris Airport is two miles away with daily scheduled com-muter services and a FBO (fixed base operation). This property is well suited for multi-phased expansion to five-star status, multi and private residential ownership potential and is an incredible investment opportunity.”