Has The Sapphire Beach Resort Been Sold?

Does anyone have info of a sale? <img src="http://www.traveltalkonline.com/forums/images/graemlins/Clapping.gif" alt="" />

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 ..

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.

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.

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!

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.

Received mine last evening, 5/30/15

I own three weeks and have never received a news letter. Any way I can see a copy of it?

I also have not received any news letter. Would someone please send me a copy? Thanks

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.

In the Herald today.
http://www.thedailyherald.com/index.php?...s&Itemid=54

The article in the Herald doesn't say much more than the newsletter that Sapphire sent out.

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.

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

That's what I thought, sounded like a press release.

Not sure if I understand your statement ...if the sale fell through ...then why would the courts be involved ?

"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.

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.
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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..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.

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 ...

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.

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.