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November 13, 2019 | 6:21pm
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A bid to market the Caribbean’s biggest resort chain is operating into headwinds — and hurricanes are the culprit, The Post has discovered.
Sandals — whose all-inclusive resorts take over the Caribbean resort scene — was wooing suitors because of its two-dozen holiday properties spread across seven tropical-island nations.
The franchise that is family-owned created by former appliance salesman Gordon “Butch” Stewart in Jamaica in 1981, is angling for the $4.5 billion bid, insiders state.
But once the due-diligence process winds straight straight down, some suitors are growing skittish on the cash they might need certainly to fork out to safeguard the properties against violent storms, a source near the auction said.
“It may seem like individuals are getting weak-kneed about making bids, ” the origin told The Post. “The concern is: what’s going to end up being the regards to the insurance coverage. go ”
Sandals reps have actually pointed away to suitors that its resorts have actually escaped an unprecedented episode of hurricane harm fairly unscathed, a source stated.
However their fortunate history won’t help lower costs by much, specialists said.
Hurricane insurance costs over the Caribbean are 50 per cent greater than couple of years ago — and 100 % greater in the event that insured has recently experienced significant damages, based on Ryan Barber, a director that is managing of giant Marsh. Continue reading