October 27, 2004
Cable Beach Deal Not a "Sure Thing".
Stressing that a purchase agreement is not a "sealed deal", hotelier Philip Ruffin said the Cable Beach redevelopment project was not certain, as the interested company never "put money down."
In an interview with the Nassau Guardian on Tuesday from Witchita, Kansas, Mr. Ruffin said he was not confident that a deal would actually be sealed.
On Monday, Baha Mar Development Ltd., a consortium of major US and European investors, trumpeted the fact that it had completed a "purchase agreement" with Mr. Ruffin to aquire his interests in the Cable Beach area, including the Wyndham Nassau Resort and Casino, and the Nassau Beach Hotel.
Mr. Ruffin admitted he had been in frequent talks with the company and that it had expressed interest in the takeover of his properties but no "hard money was ever put up. You can't have a deal where no money was put up."
"So the story you heard is really nothing. The real story is that there is no deal. We have an interested group but there is no sealed deal," he stressed.
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Posted by admin at October 27, 2004 09:50 AM