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Viceroy Anguilla to be SoldMarch 17, 2011 By: Joe Pike
Barnes Bay Development Ltd. announced Thursday that it has filed a Chapter 11 plan in the United States Bankruptcy Court for the District of Delaware to facilitate the sale of the Viceroy Anguilla Resort and Residences.
The sale of the property will be conducted under a Chapter 11 plan and in accordance with section 363 of the Bankruptcy Code. Barnes Bay has asked the Court for the sale to take place in Anguilla in compliance with Anguillan law – a process that will result in an auction open to any interested bidder.
A Starwood Capital Group controlled affiliate owns the $358 million mortgage on Viceroy Anguilla and expects to acquire the resort as part of the sale and bankruptcy plan.
Viceroy Anguilla is situated on 35 acres with more than 3,200 feet of beach frontage along both Barnes and Meads bays. The resort has 166 luxury residences consisting of suites, penthouses, townhouses and villas ranging in size from approximately 500 square feet to nearly 6,200 square feet each with its own private pool and outdoor spaces ranging from 200 to over 2,800 square feet. Sixty‐eight of the property’s condos and villas sold for prices that ranged from $600,000 to $6.5 million.
As part of the bankruptcy process, Starwood Capital will provide debtor‐in‐possession financing and an additional several million dollars to pay unsecured creditors in the event that it is the successful bidder at the auction and the bankruptcy plan is confirmed.
The auction, which is subject to court approval, is expected to occur in May and the Chapter 11 plan is expected to be completed within 70 to 90 days.
Starwood Capital acquired the construction loan last year. During the past six months, the firm has invested approximately $12 million to finish construction and operate the property. If Starwood Capital successfully acquires the property at the auction and the bankruptcy plan is confirmed, the firm said it expects to invest additional millions of dollars later this year to further improve the guest experience.