Bridgetown: The stalled Four Season Project is about to get a cash injection of $200 million, enabling the restart of the hotel and the villas at the site.
According to the executive chairman of the developer Paradise Beach Limited Avinash Persauad ,“Everything is on course, we had had to settle with the creditors and stabilize the company. Now that is done investors are willing to inject another $200 in to the project “ Persauad said.
He added, “The owners are putting money back into the project and the ANSA Bank has completed and submitted its term sheet on the second round of financing which is a five year loan”.
The Four Season Project is the brainchild of British hotelier Michael Permberton ; it is located at Clearwater, Black Rock, St Michael.
It is comprised of a hundred room hotel and 35 luxurious villas in the price range of $11 million to $35million. Among the international celebrities who have made down payment on villas are British entertainment producer Simon Cowell and composer Andrew Lloyd Webber.
It run into financial problems in 2008 and was stopped, the Government guaranteed a loan of $120 million loan from the ANSA Bank to stabilized it in January last year.
So far a number of dates have been given by the developer for re-start of construction of the hotel and the villas at the sites.
Seven hundred workers were employed at the site when construction was stopped.
