>Jamaica Government to lend 'Butch' US$32.5m … For Sandals Whitehouse acquisition

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Butch Stewart
Gordon ‘Butch’ Stewart has agreed to surrender his 33 per cent stake in the management company for Sandals Whitehouse for US$1, but will then buy the hotel property outright from the Government in a deal that prices the resort at US$40 million (J$3.4 billion).
Under the sale deal announced by Prime Minister Bruce Golding last week, Stewart will upfront US$7.5 million in cash as down payment on the hotel, but will then receive a vendor’s mortgage from the Jamaican Government for the remaining purchase price of US$32.5 million.

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