Temenos Anguilla Hotel and Resort Back Up For Sale

The Wall Street Journal reports that Mr. Leandro Rizzuto, owner of CuisinArt Resort & Spa here on Anguilla, is selling Temenos Hotel and Resort for $24 million.

Temenos Golf Club
Temenos Golf Club

He had bought the complex and the golf course for $15 million in June.  If he does manage to sell the resort and real estate for $24 million, he effectively gets the golf course (which cost $50 million to make) for free and makes a profit of $9 million.

This Anguilla golf course is sensational and it is adjacent to the luxurious CuisinArt Hotel, a strong and free addition to the resort.

The remaining 32 acres and unfinished hotel and villas would need another $95 million to complete. It also comes with legal problems from villa purchasers who have put down millions in deposits (which have apparently been spent by the previous developer).

Details at the Wall Street Journal.

Quincy Gumbs, Man With A Passion

Quincy Gumbs
Quincy Gumbs

For 10 years, Quincy Gumbs has poured profits from his successful Anguillian businesses (Fair Play Group of Companies) into the building of his passion…

The Royale Caribbean Resort will be a state-of-the-art convention center with 80 rooms, a spa, and other amenities.

Phase 1 of this important new business for the island, Anguilla conventions, was nearing completion when it was announced (September 16) that Mr. Gumbs had borrowed US$65,000,000 from a Canadian investment group.

The money will finance the completion of Phase 1, as well as the purchase of additional land and the building of another 94 rooms (Phase 2).

[Read more…]