business@tribunemedia.net
THURSDAY, JULY 18, 2024
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Holoweskos selling Island House to major landowner
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Athol Island: Minister ‘totally contradicts’ regulatory chief
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
NEW Providence’s largest private landowner is moving to acquire the Island House hotel from the Holowesko family, Tribune Business can reveal. This newspaper can disclose that New Providence Development Company is “in the process” of closing its purchase of the boutique ten-acre property, located just outside Lyford Cay, and which first opened to guests almost a decade ago in April 2015. Lauren Holowesko-Perez, the Island House’s general manager and a member of the family that owns it, declined to talk when contacted by Tribune Business yesterday. “I’m not going to comment because of the NDA (non-disclosure agreement),” she explained. Efforts to obtain comment from New Providence Development Company produced no response prior to press time. However, multiple sources familiar with developments but speaking under condition of anonymity because they were not authorised to talk publicly, all confirmed that the sale has been agreed and that
A CABINET minister “completely contradicted” the Government’s top environmental regulator by yesterday disclosing that an Athol Island developer has obtained a lease and other necessary approvals. Leon Lundy, minister of state in the Prime Minister’s Office, revealed to the House of Assembly that an unidentified developer - who he declined to name and identify - had obtained a lease from the Government “to do what they’re doing over there” along with the required certificate of environmental clearance (CEC) that was issued in February 2024. The disclosures came after Adrian White, the Opposition MP for St Anne’s, again raised concerns over whether development at a site of historical significance, and located within a Marine Protected Area (MPA), had the necessary government permits and approvals. He
THE ISLAND HOUSE HOTEL
• New Providence Development ‘in process of closing’ deal both sides are working to complete the necessary due diligence and all required formalities so that the deal can complete. “The process is continuing,” one contact said. “They haven’t formally sold it. It hasn’t closed yet. There’s
lots of due diligence and audits going on. These things take time and they wanted to make sure that was done.” No details on the sale, including the likely purchase price, have been disclosed. However, this newspaper was told that New Providence Development Company and its majority shareholder, H. Hunter ‘Terry’ White, are seeking to exploit potential synergies between the Island House and their existing Old Fort Bay Club. “From what I was told, they were looking to exploit synergies between
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Governor: Reducing Gov’t bond issues to start in ‘24 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net EFFORTS to slash the Government’s more than 200 Bahamian dollar bond issues to a lesser number will start this year, the Central Bank’s governor has revealed, although no reduction target has been set. John Rolle, responding to Tribune Business questions, said the “market efficient” number of bond issues is still being determined after the International Monetary Fund (IMF) argued they should be slashed by around 90 percent to reduce market “fragmentation”.
“Consolidating the more than 200 bonds in the market is scheduled to begin later in 2024 and will take a number of years to complete,” the Governor confirmed. “The framework to achieve this outcome required both the CSD (Bahamas government securities depository) and the Benchmark Issuance Policy to be in place and needs to be carefully implemented to avoid market dislocations. “The market-efficient number of benchmark issues is still being determined, but the larger benchmark issues are expected improve the efficiency of the Government’s
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Minister: ‘Give it a rest’ on $35m cruise water park By NEIL HARTNELL and FAY SIMMONS Tribune Business Editor A CABINET minister yesterday signalled her opposition to Nassau Cruise Port’s plans to develop a $35m water park attraction as she urged it to “give it a rest”. Glenys Hanna Martin, speaking in her capacity as Englerston’s MP, indicated her concerns that the new amenity will further distract cruise passengers from venturing beyond Prince George Wharf when in Nassau and thus deprive Bahamian retailers, restaurants, tour operators and straw
GLENYS HANNA MARTIN vendors of much-needed business. In an address that may not reflect Cabinet thinking or government policy, Mrs Hanna Martin told the House of Assembly that
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ADRIAN WHITE MP voiced particular alarm over what he described as a “200 yard” pier that has been constructed with pilings sunk into the seabed. Mr White told Tribune Business that Mr Lundy’s revelations “conflict directly” with what this newspaper was told by Dr Rhianna Neely-Murphy, the Department of Environmental Planning and Protection’s (DEPP) last week. Asked if any environmental permits have been issued for development activities on Athol Island, she replied “no”.
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