The newly-formed local company, Anguilla National Tourism Investment Limited (ANTIL), and the US company, Auberge-Firesky LLC, developers and operators of unique luxury five-star boutique hotels, have signed a Heads of Agreement to promote tourism development on the island.

J. B. Turbidy and Kenneth Rogers signing agreement

The signing of the agreement on October 20 followed the launching of ANTIL on October 4. The new company has been provided with an initial capital of US$130,000. The National Bank of Anguilla has agreed to provide $100,000 and has so far made an initial contribution of $85,000. The Anguilla National Development Company (ANDCO) has contributed $30,000.

Speaking at the signing ceremony at NBA’s Board Room, Marcel Fahie, one of the technical persons involved in ANTIL, said the Heads of Agreement represented a broad agreement in principle for the joint venture. It has been solidified by two additional agreements: the Joint Venture Agreement and the Shareholders Agreement.

ANTIL Directors applauding

The Heads of Agreement was signed by Interim Chairman of ANTIL, Kenneth Rogers, on behalf of that company, in the presence of two Directors, Sherwin Richardson and Jedd Hunte. J. B. Turbidy, one of the Principals of Auberge-Firesky, signed on behalf of the company and his partner, Mark Harmon, President and CEO of Auberge Resorts. Together they created Auberge-Firesky. Other persons at the ceremony included NBA’s Chairman, Joseph Norris Payne, as well as a representative of Valentinos, a new tourism brand in the marketplace.

“I believe that whatever happens, the signing of this agreement will turn out to be an historic moment,” Fahie said. “It is going to be historic for Anguilla. It will be particularly historic if we are successful in acquiring Cap Juluca, but even if we are not successful it still will be historic. This is because it is an agreement not just for Cap Juluca, but about working together on any other venture that will come up either to ANTIL or Auberge-Firesky from the marketplace. We will seek to work together.

L-R: Mr. J. N. Payne, Mr. George Reid and Mr. Mark Harmon

“It will also be historic because I don’t think that we have had anything like this in the region. If so, it would be very rare and very few where investors from overseas (USA) are willing and committed to finding local partners, and Anguillians and local investors are committed to finding foreign partners who can come to a meeting of the mind and really break a new path in the process of investing in and developing our country.”

J. B. Turbidy commented that it was a significant moment for him and his partner. “What makes it significant is, first of all, Cap Juluca, Anguilla and the citizens of the island, are a very important part of the future of our company. What makes it even more important to us is that we came here with a vision to partner with the leaders of this community and people who would make a difference in moving this forward… What makes it to me special is that we have 49% of the company. It is going to be owned by Anguillians and I think that is a huge step in a very positive way…

Mr. Marcel Fahie

“One thing I would like to mention here is that, as part of this overall joint venture, we have anticipated, and I want to make this clear, that if we move forward on Cap Juluca, the management and staff of Cap Juluca are to receive 15% of the overall company and at no cost to management and staff. We believe that is very important because they are entitled to the benefits of what they have created over the last fifteen years….”

Meanwhile, Ricardo Perez, Chief Financial Officer for Cap Juluca, issued a statement on Tuesday, October 24, in which he wrote the following:

“We are presently involved in the final stages of the negotiations with another potential development group. As part of our negotiations we are bound by an exclusivity clause that does not permit us to negotiate with any other potential investors at the present time.”

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