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Caribbean hurricanes scaring Sandals Resorts bidders

Caribbean hurricanes scaring Sandals Resorts bidders

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November 13, 2019 | 6:21pm


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A bid to market the Caribbean’s biggest resort string is operating into headwinds — and hurricanes are at fault, The Post has discovered.

Sandals — whose hotels that are all-inclusive the Caribbean resort scene — was wooing suitors for the two-dozen holiday properties spread across seven tropical-island nations.

The franchise that is family-owned created by previous appliance salesman Gordon “Butch” Stewart in Jamaica in 1981, is angling for the $4.5 billion bid, insiders state.

But while the due-diligence procedure winds straight down, some suitors are growing skittish within the cash they may need certainly to fork out to safeguard the properties against violent storms, a source near the auction stated.

“It may seem like folks are getting weak-kneed about making bids, ” the origin told The Post. “The concern is: just what will function as the regards to the insurance coverage. ”

Sandals reps have actually pointed off to suitors that its resorts have escaped an unprecedented episode of hurricane harm reasonably unscathed, a supply stated.

However their track that is lucky record help reduced expenses by much, specialists said.

Hurricane insurance costs throughout the Caribbean are 50 % greater than couple of years ago — and 100 percent greater if the insured has recently experienced significant damages, in accordance with Ryan Barber, a director that is managing of giant Marsh. (more…)

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