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Re: Has The Sapphire Beach Resort Been Sold?
[Re: PackerBacker]
#56435
05/31/2015 09:29 AM
05/31/2015 09:29 AM
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Joined: Apr 2011
Posts: 71 Florida
chicstersun
Traveler
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Traveler
Joined: Apr 2011
Posts: 71
Florida
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Received mine last evening, 5/30/15
CHICSTERSUN Palm City, Florida
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Re: Has The Sapphire Beach Resort Been Sold?
[Re: mchalem]
#56438
06/01/2015 07:46 AM
06/01/2015 07:46 AM
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Joined: Sep 2001
Posts: 888 SXM and NY
ESK
Sponsor
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Sponsor
Joined: Sep 2001
Posts: 888
SXM and NY
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I got a copy of their newsletter yesterday while my newsletter was going out. If any one wants a copy, send me an email: ESK@SXM-Info.com. Put SBC newsletter in the subject.
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Re: Has The Sapphire Beach Resort Been Sold?
[Re: sxmblue]
#56445
06/03/2015 01:00 PM
06/03/2015 01:00 PM
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Joined: Dec 2008
Posts: 3,222 Boynton Beach, FL
EdB
Traveler
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Traveler
Joined: Dec 2008
Posts: 3,222
Boynton Beach, FL
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"It's a great big shame. Ideal location and full of potential."
i agree on that line. i remember viewing sapphire back when it was brand new and still being built. It was such a beautiful property, with plans of shops and a casino on site. The units were beautiful, the hot tubs brand spanking new, and the nicely appointed kitchens. Then the casino was never built...the shops never put it....and years later, the maintenance problems arose, the lack of maintenance was evident, etc. We were very lucky, we thought about a purchase there, but thankfully turned away from it. the following year we purchased at Royal Islander and have never looked back. The location of Saphire, the beach and the views all are big plusses....IF the place is ever brought back to glory it will be a great place....but it's going to take millions and millions of dollars to return it to the grand lady it started off to be. sad.
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Re: Has The Sapphire Beach Resort Been Sold?
[Re: EdB]
#56446
06/03/2015 11:00 PM
06/03/2015 11:00 PM
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Joined: Sep 2007
Posts: 648 Charlotte, North Carolina
sxmblue
Traveler
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Traveler
Joined: Sep 2007
Posts: 648
Charlotte, North Carolina
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It will come some day. Frankly, I'm surprised a Vegas type hotel hasn't come knocking yet to buy and renovate the property and launch a Caribbean casino type hotel. The potential windfall for a well capitalized buyer is huge. The asking price I believe is around $12 million, if you view what they are offering (condos, villas, retail space, and a potential casino license) is quite reasonable. However, I have no idea about debts or liens.
To put that in perspective, I think the villa next to the Sapphire is going for $6 to 10 million for just the land alone. Sapphire is all about location. Anything in Cupecoy is going to do well over the next decade as it gradually develops.
It does need work but I don't think it is as scary as it appears. It has good bones but a victim of improper leadership.
In regards to the court comment, from what I understand the intended buyers could not come up with the money to complete the sale so they are attempting an injunction to prevent the sale of the property to other potential buyers. <img src="http://www.traveltalkonline.com/forums/images/graemlins/duh.gif" alt="" />
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Re: Has The Sapphire Beach Resort Been Sold?
[Re: sxmblue]
#56447
06/03/2015 11:41 PM
06/03/2015 11:41 PM
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Joined: Aug 2000
Posts: 81,042 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 81,042
Central Florida!
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sxmblue said: Anything in Cupecoy is going to do well over the next decade as it gradually develops. Considering the amount of high rise buildings in Cupecoy already, the idea of Cupecoy developing further over the next few years (and people thinking that's a good thing) is a scary thing, to me.. ....But then, I don't 'get' the concept of being in a high rise at ALL in the Caribbean, but I am obviously out in the ozone with regard to that opinion..
Carol Hill
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Re: Has The Sapphire Beach Resort Been Sold?
[Re: EdB]
#56451
06/07/2015 02:29 PM
06/07/2015 02:29 PM
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Joined: Sep 2014
Posts: 39 Florida
SueA
Traveler
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Traveler
Joined: Sep 2014
Posts: 39
Florida
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My daughter stopped by the Sapphire this past week while they were down and they spoke to Irona who said basically the same thing being said here. She gave her the newsletter and the article from the Herald and said the sale is off, that they are rebranding and renovating, the question is when! The bar was open. They mentioned they are taking back units that have not paid maintenance and offering pre-construction prices. Any questions about it can be emailed to: resale@sbcwi.com (which I did and so far have not gotten a response. It will surely be a 2 year renovation job whenever they begin.
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