It appears that the highly debated Four Seasons Resort and Residences in Barbados should soon be moving forward with construction.
This news comes as $60 million guarantee from the Barbados government has been approved for the multi-million project. Though no official announcement has been given by Government about the US $60 million facility, it appears that the project is one step closer to being restarted.
In December 2009 stakeholders in the resort asked Government to guarantee the repayment of a US$60 million in return for a 20 per cent stake in the project and “special rights”.
There has been much debate about the status of the development as it has attracted high-net worth individuals as investors in the development.
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. 
The government plan as announced in early January 2010, included a US$60 million facility from Ansa McAL Merchant Bank and its Barbadian affiliate, Consolidated Finance, that 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.
At that time,the creation of a new management board was among the top priorities of the deal. That board has been under the guidance of the Executive Chairmanship of Prof. Persaud, with the support of the new Lenders, Private Residence owners, existing shareholders and the Government working on the project for a few months, prior to the announcement. Professor Persaud has over 20 years of experience in investment banking before becoming an advisor to governments and institutions around the world.
The much awaited $400 million resort development project planned for Merricks St. Philip has received approval from the Town and Country Planning Office.
Word has come in the local press that developers of 70 acre development received planning permission on May 19th, 2010 and now it appears that all systems are a go for the project.
Although a small number of investors have demanded refunds due to the lengthy delay in receiving planning permission for the property.
The tourist complex includes three five-star hotel blocks, eight apartment blocks, 18 “plantation” houses, 42 one-bedroom cabanas, a 500-seat conference room, restaurants, shops and a spa village.
In 2010, at a town hall meeting, Chairman of Harlequin, Dave Ames, said 700 people would be employed during the construction phase and another 1500 would be needed to staff the complex.
The resort sparked some controversy among local Merrick residents when it was first purchased by the UK-based developer in 2007. Several concerned Merricks residents voiced their skepticism about the Resort as its plans are now under review of the Town and Country Planning Office for approval to start construction on the massive 70 acre project. Ames ,who spoke at the discussion meeting reassured the residents, “It is not a timeshare,” he said. Residents explained that they had concerns regarding beach access and access to the coast which is now used by some residents for fishing activity. They queried if that type of activity would still be allowed and whether guests at the resort could look to disturb that activity.
The first phase of the project is expected to be completed in 2012, while phase 2 is scheduled to be completed in 2013 and 2014 is the year for completion of phase 3. Prices offered for the resort will be subject to increases and reflect what Harlequin believes to be a realistic value,taking into account the demand and other economic factors.
Harlequin is just months away from opening another one of its major properties in the Caribbean; Buccament Bay in St. Vincent and the Grenandines.
The developers of one of the Bahamas most renowned resorts are about to give that property along with two others a major renovation to the tune of US $100 million.
The Atlantis Hotel which has become well-known landmark in the Bahamas will be in for an upgrade in property. The plans were unveiled on June 3rd 2010 and according to the developers is set to create hundreds of jobs for Bahamians, with a host of plans including new restaurants, a huge new teens club, a major upgrade of suites for high-rollers and a big investment in its casino.
In an interview with the Bahamian press the developer disclosed, that three of the resort’s existing facilities, plus more activities for children, were on the cards for upgrades.
He said: “We are going ahead with $100 million worth of renovation and expansion, the potential to provide up to another 400 jobs.”That expansion is going to take place over the next two years, it is not Phase Four and it is not the Hurricane Hole development.
“The reality is we have to keep refreshing the product, it is similar to any destination and we have certain facilities here that we can do more with and provide, particular for our returning customers, alternatives – make it fresh.
“The 400 jobs primarily are going to be focussed in the food and beverage division. We are intending to create three more restaurants in the existing facility. Some of that good news is that one or two of those restaurants were phased down and closed after the economic debacle in 2008. We are now looking at redesigning and reopening them, but reopening them in a completely new fashion and under different banners.”
It appears that the highly debated Four Seasons Resort and Residences in Barbados should soon be moving forward with construction.
At that time,the creation of a new management board was among the top priorities of the deal. That board has been under the guidance of the Executive Chairmanship of Prof. Persaud, with the support of the new Lenders, Private Residence owners, existing shareholders and the Government working on the project for a few months, prior to the announcement. Professor Persaud has over 20 years of experience in investment banking before becoming an advisor to governments and institutions around the world.