The Tribune

BY NEIL HARTNELL

TRIBUNE Business Editor

nhartnell@tribunemedia.net

A DOWNTOWN Nassau resort’s 50-year owner has pledged to “take care of our loyal staff whatever happens” once the George Street property’s sale closes.

Ron Overend, The Towne Hotel’s owner and operator, in an e-mailed reply to Tribune Business inquiries explained that retirement planning is behind his decision to seek a purchaser for the well-known, 46-room George Street resort by listing it for a $7.2m asking price.

“After having been in the hotel industry in The Bahamas since 1962, received the Order of Merit for my services to the hospitality industry in 2023 and owning the Towne Hotel since 1977, it is time to retire,” Mr Overend, who is presently off-island, said. 

“Depending on the buyer and their plans, if it is maintained as a hotel most of our staff would probably be re-employed. Whatever happens we will take care of our loyal staff.”

Rafique Symonette, a realtor and broker with The Good Life Bahamas, who is spearheading the buyer search, told this newspaper that The Towne Hotel’s size, price point and other attributes represent “a real unique opportunity” for first-time resort investors - and especially Bahamians - to enter the industry.

Confirming that the hotel, located just north of Government House between the Pirate’s of Nassau attraction and Bostwick & Bostwick law firm, has now been on the market for several months, he voiced optimism about the prospects of attracting the right buyer since “there’s been quite a bit of interest” from both local and international sources within the last several months and weeks.

“It’s been on the market for a little bit,” Mr Symonette, who has been using multiple social media videos and platforms to promote The Towne Hotel, confirmed. “We’re bullish about it’s ability to sell. We’ve had quite a few show interest, particularly in the last month or so, even in the last few weeks.

“There’s been quite a bit of interest. We’ve had potential folks from abroad, and local as well. It’s just been a combination; a variety of folks.” Mr Symonette added that the Towne Hotel’s characteristics make it more accessible to a wider pool of potential investors and entrepreneurs than the typical Nassau resort.

“The key thing about it is that most of the hotels available, especially in Nassau, are in excess of 100 rooms,” he explained. “The uniqueness of this property is that it is sub-50 rooms, which makes it a lot more approachable for the first-time investor.

“We’re excited about the fact that might make it approachable for local investors. It’s a real unique opportunity for the first-time hotel investor.” The Towne Hotel has also been listed on the Bahamas Real Estate Association’s (BREA) Multiple Listing Service (MLS) to broaden its exposure to both buyers and other realtors.

It is one of the few resort properties, apart from the British Colonial, Margaritaville Beach Resort, Courtyard by Marriott and Holiday Inn Express, to still be located in the heart of downtown Nassau in close proximity to Bay Street. The 6,460 square foot hotel, which sits on an 8,844 square foot lot, was constructed more than 70 years ago in 1954.

The Good Life Bahamas, in marketing the Towne Hotel on its website, described it as an “historic gem in downtown Nassau”. It added: “Nestled in the vibrant heart of downtown Nassau, The Towne Hotel offers the perfect blend of charm and convenience.

“Its central location, just steps from government offices and hospitals, makes it an ideal spot for inter-island and business travellers alike. This 46-room, turn-key boutique hotel is already up and running with a loyal clientele and dedicated team in place. For investors seeking a prime opportunity in the Bahamas, The Towne Hotel is a chance to add a classic, well-loved property to your independent hotel portfolio.”