| There has been a new development in the negotiations which have been going on between the owners and potential purchasers of Anguilla’s first luxury tourism property, Malliouhana Hotel and Spa. |
A press release dated August 19, 2011, from the Anguilla Hotel and Tourism Association, in which the hotel has membership, announced that a purchase agreement was signed on August 18. The agreement, for the purchase of the majority share capital in the company that owns Malliouhana Hotel and Spa, was reached between the owners and a member company of the French Quarter Holdings Group with head office in Atlanta, Georgia, USA. The press release quoted Mr. Ronnie Ben-Zur, CEO of French Quarter Holdings, as saying: “I am delighted that my group has secured agreement for the purchase of the majority shareholding in Malliouhana, subject to due diligence and to satisfactory negotiations with government. Our objective is to restore Malliouhana to its former glory as the premier exclusive luxury hotel resort in Anguilla. We hope to finalise the acquisition before the end of 2011, provided our due diligence does not reveal any unexpected snags, and provided negotiations with government for a Memorandum of Understanding can be concluded in a very timely fashion.” The release quoted Mr. Nigel Roydon, CEO of Malliouhana and son of Mr. Leon Roydon, the current owner and original developer of the hotel, as having said: “I and my father are delighted at the prospect of Mr. Ben-Zur and his group taking over and renovating Malliouhana, and are particularly pleased that he intends to retain the character and best features of the hotel in the best traditions of its exclusive and luxury status. We shall do everything we can to facilitate his prospective purchase and trust that it will prove to be a rewarding undertaking by him. His plans for the property appear to us to have excellent economic potential for Anguilla, not only in terms of future employment, but also for the long term positioning of Anguilla’s tourism industry.” The release added that “Mr. Ben-Zur plans to open discussions with government immediately.” Malliouhana Hotel and Spa first opened for business in November 1984. It closed in May 2011 pending a sale of the resort. The purchaser is an affiliate of French Quarter Holdings, Inc. and French Quarter Hospitality, LLC. The French Quarter Group has been in the hotel business for the last 18 years and has been involved in numerous acquisitions and sales of hotel properties. |
