Found at: http://www.anguillaguide.com/article/articleprint/4153/-1/140/
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ANTIL, Auberge-Firesky Committed To Purchasing Cap Juluca
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Anguilla National Tourism Investment Limited (ANTIL) and Auberge –Firesky LLC, developers and operators of unique luxury five-star boutique hotels, are more committed than ever to pursue the purchase of Cap Juluca.
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J. B. Turbidy
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So says J. B. Turbidy, a Principal of Auberge-Firesky, a US-based company, at a press briefing at the Board Room of the Anguilla National Bank on Wednesday this week.
“We believe that our partnership with ANTIL exceeds everybody’s expectations of Anguillian involvement,” he told the media representatives. “We are proud that the Government has been very forceful in the participation of not only Anguillian companies, but the people in the community. I think this is key to our long term success.”
Mr. Turbidy encouraged the Anguilla Government to do the necessary due diligence on Auberge Firesky, saying his company has the full financial capacity to purchase Cap Juluca. The company’s purchase offer is US$52 million.
Turbidy said that under the joint venture arrangement his company was hoping to invest between 30 and 35 million US dollars to refurbish and improve the hotel before contemplating any sale of real estate property – if ever. The planned partnership arrangement involves 34% for ANTIL, 51% for Auberge-Firesky; and 15% for profit-sharing for Cap Juluca’s staff. In addition, one million dollars will be paid to management and staff at closing.
Mr. Turbidy said he understood that Gencom, a group of developers, had signed a purchase contract with the current ownership of Cap Juluca. He stated however that ANTIL and Auberge-Firesky were not dismayed by this and that their commitment to pursue the purchase of the hotel remained unchanged.
Auberge-Firesky is presently involved in a major boutique hotel development in St. Kitts, with the project of small luxury hotels spanning some 23 acres including 11 miles of coastline.