February 27, 2012 · 0 Comments
ANGUILLA, British West Indies, Feb. 27, 2012 (www.hospitalitybusinessnews.com) – The greater part of the real estate comprising the Cap Juluca resort, a five star Anguilla island escape for the world’s notable rich and famous, will be sold at a public auction to be held on Wednesday, 2nd May 2012. The auction will take place as part of a restructuring process towards debt obligations owed to the original developer.
Regularly ranked among the best resorts in the Caribbean, Cap Juluca is most renowned for its pristine beaches and quiet atmosphere, operating with consistently high occupancies at an annual average daily rate in excess of $900. This fully developed 95-room beach resort has a strong and steady revenue stream in all economic cycles, as a result of its high profile clientele who are drawn to its elegance and privacy.
“The opportunity to buy a world-renowned property of this quality and distinction is very rare,” said David M. Kaufman, CCIM and Principal of DK Realty Partners, LLC, a U.S. and Caribbean-based real estate auctioneer. “I fully expect Cap Juluca to draw strong interest from qualified investors around the world.”
Located on 179 acres of Crown Leasehold property, with all guest rooms located just steps from beautiful Maundays Bay Beach, Cap Juluca resort’s amenities include exquisite villas and rooms, restaurants, fitness center, yoga and pilates classes, spa services, bicycles, golf driving range, lawn croquet, swimming pool, library and tennis courts as well as water sports, including snorkeling, wind surfing, water skiing and sailing. Cap Juluca’s guests also have access to Anguilla‘s Greg Norman designed 18-hole Championship Golf Course.
“Cap Juluca Resort continues to operate with strong occupancy and without interruption,” Kaufman added. “The new owner will clearly want to continue to provide the same high quality of service and privacy the resort has historically offered.”
Due to a default on payments under terms of a settlement agreement between the current owner of the asset and Charles Hickox, the original developer of the property, the real estate assets are being sold at a public auction pursuant to Anguilla law. The settlement agreement was entered into in October 2010. The auction will have no effect on the operations of the hotel; a smooth transition is planned.
The auction will take place at 12:00 pm midday Atlantic Time on Wednesday 2nd May 2012. Bidders are required to deposit a cashier’s check in the sum of $250,000 with seller’s local counsel, Webster Dyrud Mitchell, and the successful bidder must bring the total deposit to 10% of the successful high bid within 24 hours of the auction by wire transfer of funds.