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Harlequin completes first Buccament Bay Resort cabana transfer

Harlequin completes first Buccament Bay Resort cabana transfer

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Harlequin Hotels & Resorts has announced that the first completion and transfer of title has taken place for a luxury cabana at Harlequin’s flagship hotel, Buccament Bay Resort in St Vincent and the Grenadines.{{more}}

According to a release, the owner of the property is in receipt of freehold title to the cabana and now can start to enjoy the benefits set out in their management contract, such as receiving rental returns when holidaying guests stay in their property.

“Further completions are expected to be finalised in the coming weeks. At present, there are approximately 90 purchasers in various stages of completing on their overseas investment properties with Harlequin, but timeframes are now determined by the speed at which solicitors representing purchasers can complete their processes in the Caribbean,” the release, dated April 28 said.

A Harlequin spokesperson commented: “After what undoubtedly has been a tough 12 months for Harlequin, this is a clear indication that the company can fulfil its obligations to purchasers and, considering the business’ overall position, there is good cause for optimism going forward.

“Now that Buccament Bay Resort is a successful, multi-award-winning luxury destination, the path for acquiring third party finance has become much smoother. In fact, we are currently in advanced negotiations with a major international hotel management company for their assistance in acquiring the funds needed to accelerate the development of Harlequin’s projects across the Caribbean.

“Also, the Harlequin Investment Trust is set to be established very soon, giving our purchasers security on their investments and greater peace of mind as a result.”

According to the release, under the Harlequin investment model, purchasers either place a 30 per cent cash deposit or transfer their SIPP to an off-plan property in the Caribbean and are contractually obliged to settle the remaining balance once their property is built and ready to receive paying guests. Upon paying the remaining balance, the investor receives title deed and begins to receive rental returns.

Due to changing circumstances, some purchasers have been unable to complete on their investment at Harlequin’s trading hotels – Buccament Bay Resort and blu, St Lucia; however, Harlequin has endeavoured to work with these purchasers to move their investment to a later phase of the development.

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