Submitted by Due Diligence

Lee Issa, Chairman of the House of Issa
In July 2012 ARI/N&M sold Almond Beach Club, to Fairweather Holding Co., which operates Elite Island Resorts for $33 million, the proceeds of which was used to pay down bank debt that had been incurred to keep ARI afloat.
It is not clear who owns/controls Fairweather/Elite, January 4, 2013, the Jamaica Gleaner reports that Couples is finalizing negotiations to purchase Casuarina.
“Couples Resorts is finalising a deal to acquire a hotel in Barbados, making it the first Jamaican resort group to venture into that market. It’s also Couples’ first venture outside of its home market. Couples chief executive officer, Glenn Lawrence, confirmed plans on Wednesday to purchase the 280-room Almond Casuarina Beach (ACB) Club in the eastern Caribbean island. “We are involved in firm negotiations,” said Lawrence, adding that the deal was expected to conclude on or before January 31, at which time more details would be forthcoming.”
For undisclosed reasons, Couples did not purchase the property; but January 29, 2013, announced it had agreed to manage Casuarina (it turns out) under a lease.
In an article in the Trinidad Guardian about N&M dated May 22, 2013, included “The group continues to unwind its hotel properties. The Jamaican-based Couples Hotels have leased Almond Casuarina Beach; the lessee has an option either to acquire the hotel by September 30, 2013, or enter into a long-term lease arrangement.
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