Bridgetown.
Chairman of the board of Paradise Beach Limited, Avinash Persaud, say the Four Season project needs another $80 million of new equity so that the hotel can be constructed independently of proceeds from the villa owners.
Persaud, who is leading the project's restructuring, told Trakker New since April, some of the villa owners introduced new demands which if the board had accepted would have mean that there would have not been sufficient funds to build the hotel.
Last July, the Government of Barbados agree to guarantee a US$60 million loan that was disbursed by ANSA Merchant Bank in November .
