Submitted by W. Lorimer
The controversial Four Seasons development
Lest we forget some of the reasons for this project…
Me thinks that people have perhaps become a little too bogged down in the trees of politics and grandstanding and everyone is tired from looking at this too long to see the forest – hopefully this might refresh people’s memories of why this journey began in the first place.
Why has the project taken so long to restart?
Why should the NIS invest?
Why would the Four Seasons project be good for Barbados?
Why does Barbados need Four Seasons?
Did you know…?
1. Four Seasons predict that this will be one of their premier resorts – great kudos to Barbados
2. Four Seasons themselves are investing in the project as a sign of their belief in the project and Barbados – they usually never invest in the development stages of resorts.
3. In the US alone in 2011, over $137 billion was spent on travel and one of the fastest areas of recovery in this sector is luxury travel so the sooner the Four Seasons project is up and running, the sooner Barbados will be able to tap into this market.
4. The new company, Paradise Beach Limited have put into place the following social initiatives
a. Work experience with UWI students
i. Selected students taking the UWI masters course in construction have the opportunity to work with some of the top staff at PBL. These people have MBAs from international universities, have worked on globally recognised projects etc. again this is a phenomenal opportunity to tap into excellent, one-off resources
1. This is actually taking place
b. Skills transfer/Apprenticeship scheme
i. For pieces of work such as mechanical or electrical where there is a skill shortage on the island, if foreign companies are brought in then Paradise Beach have been talking to the government about an apprenticeship scheme so that in future Barbadians WILL have the necessary skills plus they will have actual experience having worked on one of the world’s top resorts
c. Giving back to the community – once construction starts the consultants, contractors and the staff of PBL have agreed that they will put back into the community through volunteer work – this may be in the form of painting an orphanage or building a playground. This social initiative was something that had to be included as part of tender bids.
5. The new management team worked without pay for over a year to get the project restarted and local creditors repaid
Why has the project taken so long to restart?
1. The IDB (Inter American Development Bank – the world’s largest development bank) has agreed to a US$90 million loan for the project – this money only comes after extensive audits and reports looking at everything from commercial viability, projected employment on the island, impact on the sea and wildlife, eco-friendly initiatives, developmental impact etc. They would not have agreed to the loan if they did not think this was both good for Barbados and the region and a financially sound project
a. http://en.wikipedia.org/wiki/Inter-American_Development_Bank
b. http://www.iadb.org/en/inter-american-development-bank,2837.html
2. The IDB also requested a report on the effect the project and completed hotel and villas would have on Small to Medium size businesses on the island. The potential trickle down was valued in the millions – from housekeepers to landscaping to local produce, entertainment, restaurants etc.
3. THE IDB and NIS have undertaken extensive due diligence to make sure that the risks are mitigated and the terms of investment as favourable as possible
a. To achieve this independent lawyers, accountants, engineers, surveyors and real estate specialists were appointed
4. Ensuring that the Barbadian workforce benefited from the project closed many investment doors. If Barbados would accept 1000 Chinese workers on site and no Bajans then there are definitely alternative investors
Why should the NIS invest?
1. One of the primary reasons that Paradise Beach Limited (PBL) have been looking at local investment is because they want to keep the money within Barbados and the Caribbean. How many large companies etc come here and then take the money and profits out of Barbados – by keeping the investment regionally local it will keep the money within the greater Caribbean economy
a. International Investors who were looking to invest in the project wanted concessions for 100% expatriate workforce during both construction and operation!
2. Barbados needs foreign currency – at the moment it’s foreign exchange reserves are in difficulty and since Barbados imports so many items it needs the forex to pay for these items
3. An IMF report that came out recently regarding NIS investment stated that the NIS continuing to invest in low yielding government bonds was not a good idea. In fact the IMF approved of the NIS investing in the Four Season’s project
a. “The IMF has not frowned upon the Four Seasons investment by the NIS, quite the opposite. The IMF is recommending the NIS diversify its assets more. Everyone would consider placing less than 2.0% of NIS investments in an investment that earns its returns from well-to-do tourists, not local tax-payers, is backed by the IDB – the world’s largest development bank – and Four Seasons – the number one hotel brand- and vetted by independent experts, as prudent diversification”
b. www.imf.org/
4. Additionally given both the restrictions on what the NIS can invest in and what is available for it to invest in – an investment in the Four Seasons project is probably one of the best things it can do. It can either continue to invest in low yielding government bonds and hope that tax revenues increase to pay them back or face default like Greece or based on recommendations from the IDB, Four Seasons, the IMF and one of the world’s leading economic brains – invest in the Four Seasons project.
a. The NIS needs to diversify away from government paper which can only be repaid by increased future taxes
b. There is great safety in investing with the world’s largest development bank and one of the world’s leading luxury hotel brands
i. http://www.tophotels.com/full-text-search/searchterm-Four+Seasons-1.html
ii. http://www.fivestaralliance.com/best-hotels/luxury-family-hotels
c. The project ensures strategic support of the Barbados tourism sector
d. The project helps to underpin pricing of other West coast development projects
Why would the Four Seasons project be good for Barbados?
1. At the height of construction over 1000 people will be employed
2. Once the hotel and villas are open there is potentially employment for 300 people
3. There are great opportunities for local and regional companies to showcase themselves to both some of the wealthiest people in the world but also to one of the top companies in the world
a. Imagine if you were a local artist and Simon Cowell decided to put some of your art in his villa?
b. Imagine if you produced local jams and marmalades and Four Seasons provided them with their breakfasts?
c. Four Seasons actively tried to promote local talent and produce – http://www.amazon.com/Four-Seasons-Story-Business-Philosophy/dp/1591842441/ref=ntt_at_ep_dpt_1
4. Four Seasons are also excellent employers and both train and value their staff more so than the majority of other similar companies. The opportunities for Barbadians to learn valuable skills and travel within Four Seasons to other hotels and resorts are immense.
5. Tourism on the island will benefit as a whole as 5 star skills are transferred to other hotels and restaurants over time.
Why does Barbados need Four Seasons?
1. Many visitors over the last 40 years have been repeat guests. Modern travellers do not often tend to visit the same location year after year which means that Barbados needs to reinvent itself or it will start to lose its competitive advantage
2. Barbados needs to attract a more diversified tourist from further afield than just the UK. Four Seasons provides global recognition and attracts guests from North America, Russia and further afield.
3. The Four Season’s brand is critical to selling the residential units. They have continued elsewhere, to sell Four Seasons branded residences through the recession. The type of person interested in buying this type of residential villa is interested to a large extent in the quality and services that the Four Season’s name promises.
Enough of 4 Seasons already, the Barbados economy desperately needs 4Seasons to restart and fire up employment and key economic sectors.
Lets discuss the Nation thru Tim Slinger and Ricky Jordan criticising Rihanna ad naseum the young woman is the best selling artiste of all time for heavens sake nothing bigger can happen for Barbados.
Leave her be we should be thanking the Almighty the greatest artiste the world ever seen is Bajan not hounding her down.
Barbados needs Rihanna she does not need us.
Then again the Nation knows any headline with Rihanna makes for bumper sales same as any Rihanna song breaks world sales records.
Whats the problem my people weve got to support our own.
Like CLICO, like Alexandra the Four Seasons matter has become political.
The latest, we have Owen Arthur and Avinash Persaud going at each other in the media.
@ Tired of same thing over and over | January 29, 2012 at 1:27 PM |
“Leave her be we should be thanking the Almighty the greatest artiste the world ever seen is Bajan not hounding her down. Barbados needs Rihanna she does not need us.”
Agree entirely!
Internationally, she is the “most famous” Bajan, ever! Next Sir Garfiled St. A. Sobers! All the other so called ‘very important Bajans’ are not worth “a hill of beans in this whole wide world”!
Just pure envy and jealousy, it appears to be!
Quoting W. Lorimer “Me thinks that people have perhaps become a little too bogged down in the trees of politics and grandstanding and everyone is tired from looking at this too long to see the forest”
We can’t see the forest because the first thing the Four Seasons developers did was cut down one of the last remaining stands of tropical rain forest on the West Coast.
And now they want us to see the forest?
ROFLMFAO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I would like to thank the Four Seasons public relations people for that post.
It’s great when there is no possible downside to an investment.
Dear Admin, this is urgent. Please get in touch with me as soon as you can.
@The Cage
There is a confidential link at the top of this page you are invited to use it.
Something would have to be seriously wrong in this country when we would sell shares in the BL&P (belonging to NIS) for $25 to a Canadian company called Emera…which in less than 12 months thereafter listed the shares @ $ 70….
Now those monies from the sale of the NIS shares are being sought by a Professor who seemingly can’t find outside investors for Four Seasons..but asking Bdo’s Govt to do invest in a project nobody wants to touch. and the Board NIS ok it…well well
In effect we would be moving money from a GOOD SAFE INVESTMENT ..BL&P shares…to an UNSURE ONE …Four Seasons..under the pretense ..”it go provide jobs for Barbadians…..sick
What is going on in this place????
See: on this Blog>>>Stop Blaming all on Global Economies<<<<<<
“The IMF is recommending the NIS diversify its assets more.” is NOT the same as the IMF “has agreed with the NIS investing in 4 Seasons” … I see this guy patching unconnected phrases together … or is it only me ..?
In any event my Intelligent agent advises that over 80% of construction cost require foreign exchange. This kind of money does NOT come from the NIS…!
old onion bags | January 29, 2012 at 6:49 PM | Something would have to be seriously wrong in this country when we would sell shares in the BL&P (belonging to NIS) for $25 to a Canadian company called Emera…which in less than 12 months thereafter listed the shares @ $ 70….
Time for NIS to offer Emera the remainder of the LPH shares at $70/share. (By the way, where did you see the $70/share for LPH?).
Emera stock price of $32.80 cad is about $60 bds at the moment.
here is what i would LOVE to know, what date and time is this project going to start? i mean if i going to ask investors for money, i would have to give them timelines or missing something?
old onion bags | January 29, 2012 at 6:49 PM |
Are you comparing BMWs and KIAs?
@ Hants
Converted @ 1CAD =2.1 Bds…….$ 68.80
@ SNIS sell …..comparing what to what ..BMW senario ?
Arthur has made an interesting point, which I as a non financial, no investor have to think about. If the project is as viable, potentially profitable and iron clad as Persaud et. al. are having us believe, why the lack of private investor interest in putting money where returns are guaranteed? As far as I know private investors with money are always all too glad to make more…
I hope this doesn’t go the way of a certain marina project that no one wanted (and still don’t want) to touch or invest in for reasons that cannot be documented officially.
@ Hants,& Sell NIS shares
Last year when Emera purchased BL&P shares their share price (Emera) listied on CSE was in the region of $21.3 Cad…..today its $32.80….after acquiring……do not mistakenly compare this with the $25Bds..paid for BL&P shares
@ Should sell shares
Present your grounds for selling balance..as opposed to (1) re-purchasing all the BL&P shares..(2) sinking that amount (PP) in Four Seasons..I await your arguments
@ Observing
Owen Arthur is correct. If as the Professor states a 2 to1 return…..why don’t we see investor lining up to get on board???
It’s becoming a favorite past time of many nowadays the art of fibbing.
Those monies would have been better left in BL&P shares getting a high return and not being RISKED…What were they think ??
KPMG valued between appx. $26-$33. You are saying $70 is available.
That is what you call a no-brain-er
| January 29, 2012 at 6:49 PM |
“a company called Emera…which in less than 12 months thereafter listed the shares @ $ 70…”
( listed “their” shares….correction)
CAD $32.80 =Approx BDS$70….today’s listed Price for Emera’s shares on the CSE….exchg 1cdn=2.1 Bds
IMHO, the Four Seasons project should sink or swim on the back of private-sector investment alone. Government’s role should be limited to making the environment more amenable to the project by offering tax concessions, fast-tracking work permit requests, planning approvals, etc. The Government should not seek to make direct investment in this project.
The overriding issue for government some humbly suggest is that it is shovel ready.
For those with interest in Emera
Emera sells St Lucia power holdings to its Barbados subsidiary
Published: Wednesday | October 5, 2011 0 Comments
Emera Inc on Tuesday announced that its wholly owned subsidiary Emera Caribbean Limited has agreed to sell its 19.1 per cent interest in LUCELEC to Barbados-based Light & Power Holdings Limited (LPH) for US$25.8 million.
LPH is also an Emera subsidiary.
LUCELEC, or St Lucia Electricity Services Limited, holds the exclusive licence to generate, transmit and distribute electricity on St Lucia to year 2045.
“This acquisition will allow for greater cooperation between two leading electric utilities in the Eastern Caribbean,” said LPH Managing Director Peter Williams.
“LPH having an equity stake in LUCELEC will allow for a sharing of skills and increased efficiencies that we believe will result in benefits to customers in both countries,” he said.
LPH is an investment company and the owner of Barbados Light & Power Company Limited, a licensed supplier of electricity energy in Barbados.
Emera, which is based in Canada but owns assets in the Caribbean and United States, also holds a majority 80 per cent stake in LPH.
LUCELEC services a customer base of 60,000.
LUCELEC Managing Director Trevor Louisy said the Emera/LPH transaction “marks the start of a new era in the utility sector in the region”.
“Clearly, the region has the financial and technical capacity to make such investments, which was unheard of in the past, and is indicative of a maturing of the sector. It also suggests that LUCELEC has been, and continues to be, a sound investment option,” Louisy said.
The terms of the acquisition allows for a potential US$4 million increase in the sale price within 30 months of the deal’s expected year-end closing – which would increase the value of the deal to US$29.8 million.
“Any adjustment would be triggered by either an additional public offering by LUCELEC or a change in its allowed return on equity as a result of a change in its regulatory framework,” said Emera.
– CMC
tmx.quote.com/quote.php?qm_symbol=ema
Further for those interested : see the movements in share prices of Emera( CAD) before and after LUCELEC sale to LPH
See :Graph given on link above (Aug-Sept 2011)
My point with all this revisiting of Emera …..We needs to very selective with our present investment policy( Four Seasons).Companies like Emera do so with calculated risk ..not willy nilly…as one can lose everything on a seemingly good deal gone bad . When Emera makes these moves..almost always they see increase profits thereafter.(see graph;Link above)
We are gambling on immediate jobs…future increased tourism.Given the economic outlook that sooooo many forecasters predicted….are we not being overly optimistic?Everyone forecast future downturns..This is not an investor’s climate to take on risk.Why should we be so advised?(Remember BL&P shares…..”advisers”)
Can we really afford to play roulette with $60 million in these times?
I am some how thinking that part of the Four Seasons story is missing from the public eyes and ears……I am yet to hear how a project that seemly had it all going for it, with a number of villas already pre-sold, and going along on budget can go belly up just like that?
Whatever happen to the project that was running at the same time in Grenada and what happen to the face of these projects and the company Cinnamon88?
I believe that if NIS[Public funds] will be invested into this project then the public needs full disclosure on what happened to this project behind the back drop…..was the project completed by the company in Grenada and is fraud involved on some level? We need answers!
Bear in mind this project has been affected by a lack of confidence in Pemberton and Patterson. It is the reason why Persaud was recruited.
@David
Can we say that there is a general confidence in Persuad?
@ StuartF
I am yet to hear how a project that seemly had it all going for it, with a number of villas already pre-sold, and going along on budget can go belly up just like that?
With economic downturns and bank failures, investors became more cautious with their cash and re-examined their investment portfolios… those that looked the most risky were put on hold. As confidence waned, then came the domino effect ….no investing , no tourist, no jobs, no growth,.
@Observing
Wasn’t Persaud the most sought after person by media and other organizations before* he took up his current position? In fact his public postulations were after received as pro BLP. What has changed?
What has changed? People act in self interest! The BLP cannot help him now, they are in opposition and remember the Dems laughed their heads off saying that the Bees would be in the political wilderness for 30 years! Hence the change!!
Fundamental Question;
Why did the private investors STOP WORK on the development. The question is quite simple, it was determined that the project in it’s present form and world economic climate was not feasible from a financial stand point.
When private investors, that fund the majority of the worlds capital development, determine a project is not viable, the likes of Barbados Politicians should pay attention and learn some fundamentals from prudent investors. Barbados is so self centered that it always has trouble seeing the forest for the trees. If The Four Seasons project proceeds in this economic climate, it will make the Government of Barbados GEMS financial fiasco look like child’s play and has the potential to put every Barbadian citizen into debt and financial hardship for years to come.
Let the project DIE.
@Wily Coyote: “Why did the private investors STOP WORK on the development. The question is quite simple, it was determined that the project in it’s present form and world economic climate was not feasible from a financial stand point.
Indeed.
And let’s face the reality — the current global econmic situation is because money was leant to people to buy what they couldn’t afford. The debt was then bundled into derivites and sold off to those who didn’t understand what they were buying.
So, then, the question stands: how logical is it for BB.NIS funds to be used to underwrite the Four Seasons project?
@David
“What has changed?”
Politics has changed. lol
@Wily and Halsal
Agreed. I’m not an economist but a year ago a Newsweek article coined the term “the new normal,” essentially saying that governments should get accustomed to the current climate, because that’s how it’s going to stay, full stop. Making policy and investing based on expected growth and a return to how things were is a huge (read fatal) mistake, Adaptation to what now obtains economically and globally, rather than hope for any significant improvement in either global or local circumstances is the only way to go.
@ Observing
Maybe this is what Owen Arthur did in spending $4,000 on a newspaper advert to repudiate his own well espoused doctrine of the “entrepreneurial state,” not to mention those of previous BLP and DLP governments.
Anybody remember GEMS, the Hilton Hotel (old and new,) the Barbados National Oil Terminal, the Barbados National Bank, the Arawak Cement Plant, Barbados Mortgage Finance Corporation, IBC, Transport Board etc, etc.
Every progressive state makes investments in areas it deems critical at different times for different reasons, particularly where there is an unwillingness by the private sector to so or it is seen as socially beneficial. Moreover, it often does so at times of recession. Four Seasons is no different.
But hey, political expediency is a powerful drug when the scent of power is in the air.
This is what has diminished Arthur, the economic guru, and his legacy in my eyes.
There is absolutely no doubt that the Four Seasons matter has been converted to a political fiasco.
The way the government has managed the affair has not helped either.
Observing wrote “Making policy and investing based on expected growth and a return to how things were is a huge (read fatal) mistake”
There may be some value in having a Brand like Four Seasons that markets its own hotels effectively.
@ david
That is the problem –inept handling of the matter by the government.
The more I read, I am convinced that we should pass on this one.
Nobody can tell me, that should we lose this $60 million, the repercussions won’t be far reaching in the future.
As to the future, more and more it looks like Revelation 16:16 is about to be played out. With Obamma moving all that HARD WARE in the Persian Gulf, it looks like World War 3 is upon us.Russia is not to be left out sending ships to Syria…..Then there is the talk of the BIG currency crash..with people already hoarding gold..scary scary business going on about this place…….
Why.. does all this help any in deciding? ..You tell me..If the world coming to an end soon anyway…..why should we give two hoots….
GET BACK TO GOD….laugh at all else
I am wondering if the Four Season project should fail after we give them our $60 million and the IADB give $180 million plus the $60 million already received, who will be the first to receive payment. Who will be the one to write-off their loan? For sure, the IADB will make sure every cent must be repaid.
For the last 50 years Developers have been building houses and selling them at a profit.
The formula is simple.build a villa for 20, sell for 30.
Build the Villas first and sell them. Use the profits to construct the Hotel.
Barbados needs the construction jobs and the spin off business from this project.
@hants
I’m not disputing the importance of Four Seasons, nor the potential viability under normal circumstances. I’m just wondering why the hesitation on the part of the local and international private sector to get involved….I’ll contrast that a little bit to the marina project. Why can’t we get people to bite??? Having said that, if we use our own money (mine and yours) then nothing less than full transparency and explanation is needed. I don’t believe the project will fail, I’m a little uncertain at the length of time it will take to see rewards, or the amount of additional or “hold strain” investment that will be needed in the near future.
@bajan to de bone
Doing the fiscally imprudent thing when you have a cushion is bad and inexcusable. Doing the fiscally imprudent thing when there’s nothing to break your fall, is suicide. Both wrong, just a slightly different end result
Quoting old onon bags January 30 at 8:49 “If the world coming to an end soon anyway”
Some peole want you to beieve that the world coming to an end soon so that you become complacent and give up the sturggle.
The world is NOT coming to an end anytime soon.
The world likely won’t come to an end for another 500,000 to 1 billion years.
Although of course it will come to an end for all of us individually, one by one by one, all 7 billion of us one day at a time, and for some of us tonight self.
Please carefully note that NONE of the prophets of doom and gloom are willing to hand us the keys to their earthly kingdoms. That is a CERTAIN sign that the false prophets are a bunch of frauds.
@Random
May you soon see the light……..
I’ll see the light as son as one of the false prophets hands me the pin number to their bank accounts.
I will pray for you Random…..surely you must have a yearning ?
Until you have made that connection with the Maker you will feel incomplete.. preacher or not.Time is scare….God is not difficult to find.He is all around us.All you need to do is really reach out from deep inside.You won’t regret it.
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It is now about 18 months (Ten Seasons) since this discussion fizzled out. Yes there have been several later blogs on the subject.
About all that has changed in the Ten Seasons is that the Professor has moved on (apparently fired for failure to deliver investors – imagine that – accountability); and Moodys has three times downgraded Barbados’ debt ratings several notches from Investment grade well into Junk status.
DD is hoping that W. Lorimer, or other BU family member, will bring us up to date on “The great opportunities for local and regional companies to showcase themselves to both some of the wealthiest people in the world but also to one of the top companies in the world”
The most recent development DD recalls reading about is the May 23 Barbados Today report that Cabinet has approved the sale of the property to a Qatar sovereign wealth fund; and the MOF’s assurance that work will start SOON.
Has anyone noticed the Nation newspaper has been referring to Avinash Persaud as a ‘financial analyst’ of late?
David
I copy my comment from my June 26 post above.
The most recent development DD recalls reading about is the May 23 Barbados Today report that Cabinet has approved the sale of the property to a Qatar sovereign wealth fund; and the MOF’s assurance that work will start SOON.
That sounded reassuring.
In the story “Parliament to debate Four Seasons” in today’s edition of Barbados Today at http://www.barbadostoday.bb/2014/10/09/parliament-to-debate-four-seasons/ Minister of Finance Chris Sinckler, is promising that there will be “a full, frank, open discussion on that matter in the Parliament of Barbados, no lesser place, in the not too distant future”
So five months ago the MOF gave his assurance that work will start SOON.
On October 9 the MOF is promising that there will be “a full, frank, open discussion on that matter in the Parliament of Barbados, no lesser place, IN THE NOT TOO DISTANT FUTURE.
AND “That project, I expect, is going to happen. No two ways about that, it is going to happen. There are private people around there and it is going to happen. I’m not going to put a date on it, but there are people working everyday and very, very hard to get that project going,” he said.
Hardly reassuring that he now “expects” the project is going to happen.
And, is Four Seasons still on board the sinking ship. When Four Seasons signed on to manage/operate the property back in 2005/2005/2006, its agreement would have been with the now departed Pemberton, Paterson, Cinnamon 88 group.
DD wonders when the MOF will give full, frank and open disclosure of the status of the project to the people of Barbados