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Has The Sapphire Beach Resort Been Sold? #56429
05/30/2015 07:03 AM
05/30/2015 07:03 AM
Joined: May 2008
Posts: 744
Conway, SC 29526
bigbobthib Offline OP
Traveler
bigbobthib  Offline OP
Traveler
Joined: May 2008
Posts: 744
Conway, SC 29526
Does anyone have info of a sale? <img src="http://www.traveltalkonline.com/forums/images/graemlins/Clapping.gif" alt="" />

SXM Sponsors
Re: Has The Sapphire Beach Resort Been Sold? [Re: bigbobthib] #56430
05/30/2015 08:22 AM
05/30/2015 08:22 AM
Joined: Jan 2002
Posts: 815
Oshawa
BGH Offline
Traveler
BGH  Offline
Traveler
Joined: Jan 2002
Posts: 815
Oshawa
The May 2015 Sapphire explains the latest ... No sale , new arrangement with "II " and some 4 star Hotel chain deal tbd ... It would appear the news letter was not sent to all owners ..

Re: Has The Sapphire Beach Resort Been Sold? [Re: BGH] #56431
05/30/2015 09:08 AM
05/30/2015 09:08 AM
Joined: Apr 2014
Posts: 24
F
FFSXM Offline
Traveler
FFSXM  Offline
Traveler
F
Joined: Apr 2014
Posts: 24
We are owners and have never received a newsletter nor did we know they even had a newsletter! Obviously we know nothing about a sale.

Re: Has The Sapphire Beach Resort Been Sold? [Re: FFSXM] #56432
05/30/2015 09:18 AM
05/30/2015 09:18 AM
Joined: May 2007
Posts: 462
C
CaribLee Offline
Traveler
CaribLee  Offline
Traveler
C
Joined: May 2007
Posts: 462
When did you receive the newsletter? I am an Owner as well and have not seen anything. Would like to be able to see what it says.

Re: Has The Sapphire Beach Resort Been Sold? [Re: CaribLee] #56433
05/30/2015 04:53 PM
05/30/2015 04:53 PM
Joined: Sep 2014
Posts: 39
Florida
S
SueA Offline
Traveler
SueA  Offline
Traveler
S
Joined: Sep 2014
Posts: 39
Florida
I am an owner as well and never received anything either. My daughter is down there now staying at Mary's Boone and is going to stop at Sapphire and try to find out what is happening. If I hear anything I will post it!

Re: Has The Sapphire Beach Resort Been Sold? [Re: CaribLee] #56434
05/31/2015 08:39 AM
05/31/2015 08:39 AM
Joined: Feb 2004
Posts: 70
Illinois
PackerBacker Offline
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PackerBacker  Offline
Traveler
Joined: Feb 2004
Posts: 70
Illinois
I received the newsletter via e-mail several days ago. I found it very vague. They say maintenance was deferred while they were trying to sell. What does one have to do with the other. They also are going to begin foreclosing on owners behind in their payments. I also believe that they imply there is going to be another special assessment.

Re: Has The Sapphire Beach Resort Been Sold? [Re: PackerBacker] #56435
05/31/2015 09:29 AM
05/31/2015 09:29 AM
Joined: Apr 2011
Posts: 55
C
chicstersun Offline
Traveler
chicstersun  Offline
Traveler
C
Joined: Apr 2011
Posts: 55
Received mine last evening, 5/30/15


CHICSTERSUN South Carolina
Re: Has The Sapphire Beach Resort Been Sold? [Re: chicstersun] #56436
05/31/2015 11:23 AM
05/31/2015 11:23 AM
Joined: Aug 2007
Posts: 56
PA
D
dpt Offline
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dpt  Offline
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D
Joined: Aug 2007
Posts: 56
PA
I own three weeks and have never received a news letter. Any way I can see a copy of it?

Re: Has The Sapphire Beach Resort Been Sold? [Re: dpt] #56437
05/31/2015 02:55 PM
05/31/2015 02:55 PM
Joined: Jun 2012
Posts: 21
mchalem Offline
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mchalem  Offline
Traveler
Joined: Jun 2012
Posts: 21
I also have not received any news letter. Would someone please send me a copy? Thanks

Re: Has The Sapphire Beach Resort Been Sold? [Re: mchalem] #56438
06/01/2015 07:46 AM
06/01/2015 07:46 AM
Joined: Sep 2001
Posts: 888
SXM and NY
ESK Offline
Sponsor
ESK  Offline
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Joined: Sep 2001
Posts: 888
SXM and NY
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.


Erich Kranz
www.SXM-Info.com
Re: Has The Sapphire Beach Resort Been Sold? [Re: ESK] #56439
06/02/2015 06:45 AM
06/02/2015 06:45 AM
Joined: Mar 2009
Posts: 12,247
Auburn, WA
SXMScubaman Offline
Traveler
SXMScubaman  Offline
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Joined: Mar 2009
Posts: 12,247
Auburn, WA

Re: Has The Sapphire Beach Resort Been Sold? [Re: SXMScubaman] #56440
06/02/2015 07:08 AM
06/02/2015 07:08 AM
Joined: Sep 2001
Posts: 888
SXM and NY
ESK Offline
Sponsor
ESK  Offline
Sponsor
Joined: Sep 2001
Posts: 888
SXM and NY
The article in the Herald doesn't say much more than the newsletter that Sapphire sent out.


Erich Kranz
www.SXM-Info.com
Re: Has The Sapphire Beach Resort Been Sold? [Re: ESK] #56441
06/02/2015 06:27 PM
06/02/2015 06:27 PM
Joined: May 2007
Posts: 462
C
CaribLee Offline
Traveler
CaribLee  Offline
Traveler
C
Joined: May 2007
Posts: 462
As an Owner, I have a vested interest but it looks to me like this is just an attempt to sell inventory. But why would I buy more weeks before seeing significant improvements to the property? I do hope we see changes for the better but I must say I'm not encouraged by this newsletter.

Re: Has The Sapphire Beach Resort Been Sold? [Re: SXMScubaman] #56442
06/03/2015 11:07 AM
06/03/2015 11:07 AM
Joined: Sep 2007
Posts: 648
Charlotte, North Carolina
sxmblue Offline
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sxmblue  Offline
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Joined: Sep 2007
Posts: 648
Charlotte, North Carolina
That is just a press release. There is nothing independent about the article.

The potential sale fell through and now held up in court. The 4 star hotel association seems to be a no go as well. I am somehwhat happy about that because the property could have a better hotel association if the property was eventually sold and everything was well maintained and updated.
It's a great big shame. Ideal location and full of potential.

Rob

Re: Has The Sapphire Beach Resort Been Sold? [Re: sxmblue] #56443
06/03/2015 11:14 AM
06/03/2015 11:14 AM
Joined: Aug 2000
Posts: 71,892
Central Florida!
Carol_Hill Offline
Traveler
Carol_Hill  Offline
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Joined: Aug 2000
Posts: 71,892
Central Florida!
That's what I thought, sounded like a press release.


Carol Hill
Re: Has The Sapphire Beach Resort Been Sold? [Re: sxmblue] #56444
06/03/2015 12:21 PM
06/03/2015 12:21 PM
Joined: Jan 2002
Posts: 815
Oshawa
BGH Offline
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BGH  Offline
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Joined: Jan 2002
Posts: 815
Oshawa
Not sure if I understand your statement ...if the sale fell through ...then why would the courts be involved ?

Re: Has The Sapphire Beach Resort Been Sold? [Re: sxmblue] #56445
06/03/2015 01:00 PM
06/03/2015 01:00 PM
Joined: Dec 2008
Posts: 2,875
Boynton Beach, FL
EdB Offline
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EdB  Offline
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Joined: Dec 2008
Posts: 2,875
Boynton Beach, FL
"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.

Re: Has The Sapphire Beach Resort Been Sold? [Re: EdB] #56446
06/03/2015 11:00 PM
06/03/2015 11:00 PM
Joined: Sep 2007
Posts: 648
Charlotte, North Carolina
sxmblue Offline
Traveler
sxmblue  Offline
Traveler
Joined: Sep 2007
Posts: 648
Charlotte, North Carolina
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="" />

Re: Has The Sapphire Beach Resort Been Sold? [Re: sxmblue] #56447
06/03/2015 11:41 PM
06/03/2015 11:41 PM
Joined: Aug 2000
Posts: 71,892
Central Florida!
Carol_Hill Offline
Traveler
Carol_Hill  Offline
Traveler
Joined: Aug 2000
Posts: 71,892
Central Florida!
Quote
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
Re: Has The Sapphire Beach Resort Been Sold? [Re: Carol_Hill] #56448
06/04/2015 01:07 AM
06/04/2015 01:07 AM
Joined: Dec 2008
Posts: 2,875
Boynton Beach, FL
EdB Offline
Traveler
EdB  Offline
Traveler
Joined: Dec 2008
Posts: 2,875
Boynton Beach, FL
Carol..i can see both sides of that argument about high rises. I personally can see living in a high rise there...especially with a higher view. On a clear day to see an unobstructed view to Saba on one side.....and then a clear shot to Anguilla, would be an awesome thing. I know when i show a beachfront condo here in W Palm and vacinity, the higher the floor, the better the view! Does it take away from a Carribean feel?? yes..probably. But the view would more than make up for it. And I am sure..the higher the floor, the better the view...the more money it will cost.

Re: Has The Sapphire Beach Resort Been Sold? [Re: EdB] #56449
06/04/2015 08:07 AM
06/04/2015 08:07 AM
Joined: Jan 2002
Posts: 815
Oshawa
BGH Offline
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BGH  Offline
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Joined: Jan 2002
Posts: 815
Oshawa
Exactly Ed ..the view is everything ...Florida is a good example as well as any other city . As property / condo footprints get smaller the builders are forced to build higher structures to max out profit . When we bought at Sapphire in 94 I bought on the highest floor available ...It is all about the view ...

Re: Has The Sapphire Beach Resort Been Sold? [Re: BGH] #56450
06/04/2015 01:17 PM
06/04/2015 01:17 PM
Joined: Jul 2007
Posts: 1,294
J
january Offline
Traveler
january  Offline
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J
Joined: Jul 2007
Posts: 1,294
Also, land prices are going up on the island so if you are going to get the most bang-for-your-buck, you have to build vertically.

Re: Has The Sapphire Beach Resort Been Sold? [Re: EdB] #56451
06/07/2015 02:29 PM
06/07/2015 02:29 PM
Joined: Sep 2014
Posts: 39
Florida
S
SueA Offline
Traveler
SueA  Offline
Traveler
S
Joined: Sep 2014
Posts: 39
Florida
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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