In under a month the Government of The Bahamas will make its final decision regarding the sale of The Abaco Club on Winding Bay. This was according to Minister of State for Investments Khaalis Rolle who spoke at the 2014 Abaco Business Outlook.
The Abaco Club is currently owned by Marriott Vacations Worldwide Corporation (MVWC). Southworth Development LLC is the company in talks to purchase the multi-million dollar property.
Min. Rolle was optimistic about the sale, saying “The government is very optimistic about this partnership. The deal will completely jumpstart…and capture the original vision of the resort.”
The Club has, for several years, faced challenges. A legal dispute with the Abaco Club Homeowners Association revolved around the Club not meeting contractual obligations and neglect of the property. A proposed sale to the Homeowners Association, for $28 million, fell through before Southworth Development negotiations began.
Speaking of the Abaco Club’s future, Min. Rolle said the Club was looking at a development budget of $128 million. He continued saying that and additional budget of $225 million was in place for anticipated residential construction.