International Firm takes lead of Four Seasons Construction

There will be an internationally recognized construction management firm that will tender and sub-contract construction work to  Barbadian-based contractors for the completion of the Four Seasons Project.

This is one of the key announcements from Avinash Persuad, executive chairman of a body representing stakeholders about the latest news of Four Seasons Resort and Residences project set for Barbados.

Though he did not disclose the name of the international firm that will be taking on the role, he explained that it will be sub-contracting work to Barbadian firms, which will in effect bring more jobs to the island.

Speaking to the local media Persuad noted, “Part of the multiple agreements between Paradise, villa owners, Four Seasons, Government and the new lenders is that the work will be carried out on a different basis than before. There will be an internationally recognised construction management firm who will then tender and sub-contract construction work to leading Barbadian-based contractors.”

In February 2009, work at the resort came to a grinding halt after  mounting financial difficulties.

“The expectation is that when the work resumes there will be up to 1 000 Barbadian workers on site and the contracts will bring in some BDS$500 million of foreign exchange revenues over the course of the project,” he said.

On July 1st 2010 Prime Minister David Thompson announced that he was signing the Four Seasons Agreement which would get the project back on track.

Persaud explained that the signing by the Government of the guarantee was a condition of ANSA Merchant Bank syndicating part of the loan.

The project has gained international attention from organisations such as the International Monetary Fund and even rating agencies have commented on the significance of the construction halt.

According to local media reports Persaud said, “The condition of the Government guarantee of US$60 million to ANSA Merchant Bank was that the Government will hold a golden share in the project which gives it various rights and vetoes, including the appointment of half of the board of Paradise Beach Limited.” Persaud, will oversee Paradise Beach Limited’s new independent management company along with Colin Scaife, its chief operating officer. Scaife is a British-born construction management expert with substantial experience with Four Seasons and other luxury hotels.

The US$60 million facility from Ansa McAL Merchant Bank and its Barbadian affiliate, Consolidated Finance, allows for a repayment of the Bank of Scotland loan, the acquisition of the Esso land to complete the site, a settlement with creditors, and the recommencement of construction.