$600 Million project back on track! Monday, April 12, 2010, the Supreme Court ruled in favour of the Grand Bahama Yacht Club and it was taken out of receivership, giving this $600 million dollar project new hope! “"Some 18 months have now passed since this all started", noted Preben Olesen, CEO of GB Yacht Club. "It’s wonderful to be back in our offices and we are looking forward to a great future again in Grand Bahama.”
FREEPORT, Grand Bahama – On Monday, April 12, 2010, the Supreme Court ruled against the plaintiff and the Grand Bahama Yacht Club came out of receivership, giving this $600 million dollar project new hope!
“Some 18 months have now passed since this all started,” noted Preben Olesen, partner and CEO of GB Yacht Club.” It’s wonderful to be back in our offices and we are looking forward to a great future again in Grand Bahama.”
Olesen has now resumed control back of the company after winning a Supreme Court judgment. September 2009 Justice Estelle Gray-Evans rejected a bid by Gonzales, an investor, for a summary ruling in his company’s favor and Monday’s judgment called for the receivership order to be “set aside”. “Our first priority is to get the Ferry House restaurant back up and running and then the marina,” noted Olesen. “We have already begun contacting our corporate clients and are working now to regain some of the mega-yacht traffic we enjoyed before the court rulings.”
During the long ordeal Olesen concentrated on the Port Lucaya Marina property and kept faith that the $600 million project would get back on track. “Before this all started we had new orders for homes, dozens of long term leases on the marina slips and were finalising details on a commercial premises with a local bank. It is our hope that we can reconnect with clients and get back to where we were, which with any luck will mean we can re-employ some of the 70 staff who were laid off.”
Olesen is also pleased about Celebration Cruise Line, which now docks every other day in Freeport. He and his team are hoping to utilise the ship’s cargo service to ferry small boats with trailers to the island. This would allow boaters to avoid crossing the Atlantic, access to customs pre-clearance, and use of his marina for longer term stays. It would also mean increased generation of cruise permit fees for the government and hopefully more hotel stays and restaurant spending.
Though the New Hope Holdings Company has been winning their court battles slowly they were only ready to publicly announce their success after Monday’s judgment. “We’ve been steadily climbing out of this situation and we are very pleased to be nearing an end to it all. We would like to settle the remaining disputes and keep this positive hope for Grand Bahama going,” stated Olesen.
GB Yacht Club looking to open Ferry House soon.
The first priority for Grand Bahama Yacht Club is to get the Ferry House restaurant back up and running and then the marina. “Before this all started we had new orders for homes, dozens of long term leases on the marina slips and were finalising details on a commercial premises with a local bank," noted Olesen. " It is our hope that we can reconnect with clients and get back to where we were, which with any luck will mean we can re-employ some of the 70 staff who were laid off.”
Grand Bahama Yacht Club is a marina and private community featuring private homes, townhouses, condos and private residences valued at up to 12 million. The marina offers superior facilities in a classic setting of turn-of-the-century brick and coral walkways, mature shade trees, picturesque piers and cast-iron lanterns. The marina, with its concrete docks, is a safe haven for yachts of sizes up to 175 feet with 150 slips which can accommodate boats and yachts up to 175 ft. The Marina also has a yacht fuel dock, pool bar and grill open daily for lunch and dinner. For more information log on to: www.grandbahamayachtclub.com
