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