The potential buyer for the Four Seasons at Emerald Bay hotel may be the New York based Fortis Investment Group, The Tribune has learned. According to sources close to the pending sale, the company, which also has a European branch, may be behind a purchase offer for the resort that has recently entered receivership.

Wayne Aranha, one of the property's receivers at PriceWaterHouse Coopers, confirmed to Tribune Business that an offer had in fact been made, although he said that he was bound by a confidentiality agreement not to disclose any information that may identify the purchaser. He did say that an agreement of exclusivity was entered into on August 13 for 30 days, which means that a sale could he completed before the end of September. PWC sent an information memorandum to other interested parties that all offers were suspended during that period.

The $320 million Four Seasons property, considered the model or "poster child" of the Family Island anchor investment projects, entered into receivership after the company defaulted on its repayments in April 2007. Since then several potential deals, including ones, to the Petters Group Worldwide, Goldman Sach's and the Rockpoint Company have fallen through. It is estimated that a potential buyer would need to spend at least $7 million to complete proposed plans for the 23-acre marina in addition to whatever the selling price is.
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. Fortis ranks among Europe's top 20 financial institutions, with a market capitalisation of EUR 43 billion. With excellent solvency, a presence in over 50 countries and a dedicated, professional workforce of 60,000, the company combines global strength with local flexibility.

Source: The Tribune