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Caribbean hurricanes sandals that are scaring bidders

Caribbean hurricanes sandals that are scaring bidders

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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