Turnbull vetoes V.I.'s Vessup Beach purchase Some senators say they'll cast votes in favor of override

By TIM FIELDS
Tuesday, May 25th 2004

ST. THOMAS - Gov. Charles Turnbull has vetoed legislation to appropriate $3 million to buy tracts of East End land near Vessup Beach to block Miami-based Lionstone Hotels & Resorts from developing it.

Turnbull took the action during the weekend, before leaving the territory to join Police Commissioner Elton Lewis at the Association of Caribbean Commissioners of Police conference in Trinidad. Government House made the announcement Monday.

"Unfortunately, we cannot afford to acquire this additional beachfront property at this time," Turnbull said in a prepared statement released Monday.

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U.S. Virgin Islands Realtors Report Booming Sales

by Blanche Evans

The U.S. Virgin Islands are experiencing a real estate boom, report local Realtors, due largely to still-reasonable prices.

(Editors note: not sure I agree with the reason given above!)

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The VITAR general meeting rescheduled

The VITAR general meeting scheduled for Saturday June 5, 2004 has been rescheduled for Saturday June 26, 2004. Please make note of the new date on your calendar.

To contact the association:

Valerie Pigott
Association Executive
Virgin Island Territorial Association of REALTORS
3009 Orange Grove Shopping Center Suite 13
Christiansted, St. Croix. USVI. 00820-4312
Phone: 340-773-1855 Fax: 340-773-6305
E-mail: vitarmls@islands.vi

Caneel Bay's new owners plan smooth transition

By TIM FIELDS
Saturday, May 15th 2004

ST. THOMAS - St. John-based CBI Acquisition LLC purchased the luxury Caneel Bay Resort on St. John in a multimillion-dollar deal this week.

CBI Acquisition's purchase of the 166-room luxury hotel from New York-based Deutsche Bank will not affect the 450 employees, Brian Young, the resort's general manager, said Friday.

"We will work very hard to make this a seamless transition," he said.

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Private Investment Partnership Acquires Award-Winning Caneel Bay, a Rosewood Resort

DALLAS--(BUSINESS WIRE)--May 11, 2004--

Rosewood Hotels & Resorts to Continue Management of Property Under Long-Term Agreement
 
Rosewood Hotels & Resorts, the premier manager of ultra-luxury hotels and resorts throughout the world, announced that Equis Financial Group and Roebling Advisors LLC, in partnership with Rosewood Hotels & Resorts, have acquired the renowned Caneel Bay Resort from Deutsche Bank. As part of the transaction, Rosewood has entered into a long-term contract to manage the property, and has made an investment in the property.

"We are thrilled that Caneel Bay will remain in the Rosewood family of unique and treasured hotels and resorts the world over," declared John Scott, President & Chief Executive Officer, Rosewood Hotels & Resorts. "Rosewood has a deep and long-standing relationship with this historic property and we are dedicated to preserving the service and product that Caneel Bay guests have experienced since its opening in 1956. Caneel Bay, within a 5,000-acre Virgin Islands National Park on the island of St. John, remains faithful to the vision of founder Laurance Rockefeller and to his reverence for the environment."

The resort was purchased by CBI Acquisition LLC, whose principal shareholders and investors include, Gary D. Engle, President and Chief Executive Officer of Equis Financial Group, Howard F. Guja, President and Chief Executive Officer of Roebling Advisors LLC, who has been involved with some of the nation's largest residential and commercial real estate transactions, and Rosewood Hotels & Resorts.

"For almost 50 years, Caneel Bay has remained one of the most revered resorts in the world and we are honored to become a part of the resort's history," said Howard F. Guja. "We not only look forward to carrying on the long standing tradition of service and style that marks the resort, but also to investing in the resort to ensure that the property enjoys the same success in the coming decades as it has in the past," said Gary D. Engle.

Headquartered in Dallas, Texas, Rosewood Hotels & Resorts includes The Mansion on Turtle Creek and Hotel Crescent Court in Dallas; The Carlyle in New York; Las Ventanas al Paraiso in Los Cabos, Mexico; Hotel Seiyo Ginza in Tokyo; King Pacific Lodge on Princess Royal Island, British Columbia; The Dharmawangsa in Jakarta, Indonesia; Al Faisaliah Hotel and Hotel Al Khozama in Riyadh, Saudi Arabia and a triumvirate of world-class Caribbean properties - Little Dix Bay on Virgin Gorda; Caneel Bay on St. John and Jumby Bay on Antigua. For information on Rosewood Hotels & Resorts, call 888-ROSEWOOD, or www.rosewoodhotels.com.

Senate moves to block Vessup Bay development

In a story that I don't quite understand (and I don't know many of the details) the government has decided to try to block the development of the Vessup Bay area by a developer. Comments and insights to this situation are appreciated.

From The Daily News:
 
Senate moves to block Vessup Bay development
Bill appropriating $3 million to acquire 17 acres by eminent domain passes unanimously

By TIM FIELDS and JEREMY PETERS
Tuesday, April 27th 2004

ST. THOMAS - The Senate on Monday appropriated $3 million to buy tracts of East End land near Vessup Beach and block Miami-based Lionstone Hotels & Resorts from developing it.

The legislation now goes to Gov. Charles Turnbull for approval.

"If the government buys the land, this opportunity for new homes and new jobs to the territory will be lost, Lionstone owner Alfredo Lowenstein said Monday. "We don't understand why they are doing this, but I think common sense will prevail."

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