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Case Study

JLL facilitates 32-acre resort development site in Bermuda

resort development bermuda

​In 2006, redevelopment of the 32-acre former Sonesta Beach Resort commenced with demolition of the existing structures; however funding for the project ceased and work stopped during the economic meltdown of 2008. Demolition was incomplete, leaving the site in a dangerous and unattractive state. In addition, many contractors and professionals working on the project were left unpaid, and representatives of the government expressed concern about the condition and future of the project.

The lender, a large U.S.-based financial institution, began the foreclosure process in 2009. They appointed JLL before beginning the foreclosure proceedings to advise and lead efforts that would result in the successful liquidation of the asset.

JLL, working with the special servicer and a local real estate partner, managed the completion of demolition, executed the payment of outstanding balances to local businesses and professionals, and engaged the Government of Bermuda to garner support for the disposition effort.

JLL then crafted an international marketing campaign, including top-quality materials, broad-reaching print and electronic advertising, and access to JLL’s international network, to identify potential buyers.

JLL’s efforts produced a significant amount of interest and an international market for the property. In all, 468 interested parties were tracked, with over 120 signing confidentiality agreements. 

The marketing team drove interest into a competitive call for offers, producing multiple viable options for the client. In the end, the property was sold in March 2013 to a private equity group based in the United Kingdom.

JLL’s Development and Asset Strategy practice has successfully led multiple resort transactions through distressed financial and foreclosure processes. Contact us to discuss your assets and we can help with your goals.  

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