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|Posted by:||Jun 2nd 2008, 12:25:15 pm|
|Fig Tree News Team||Cypress Equities affiliate acquires stake in Bahamas hotel that caters to the stars
03:52 PM CDT on Friday, May 30, 2008
By SHERYL JEAN / The Dallas Morning News
Royal Island Partners, an affiliate of Addison-based Cypress Equities, this week acquired a 50 percent interest in Rock House, a small hotel on Harbour Island in the Bahamas that caters to celebrity guests.
Royal Island Partners purchased its ownership stake for about $7.5 million from J. Wallace Tutt III and Don Purdy, who own the other half of Rock House and will continue to manage the hotel.
Cypress is Staubach Co.'s development arm. Behringer Harvard, a real estate investment firm, is a partner in Royal Island Partners.
Royal Island Partners invested in Rock House to complement Royal Island, a 430-acre private island residential and resort community being developed by Cypress near Harbour Island.
Guests at Royal Island’s 83-room Montage Royal Island Bahamas resort and Rock House guests will share each other’s amenities, including restaurants, a spa, tennis and an 18-hole golf course.
“We see it as an elegant beach head to introduce the advantages of owning a piece of a pristine Bahamian island,” Chris Maguire, chief executive of Cypress, said in a statement.
“Potential owners can … spend a night or two at Rock House, immerse themselves in the spirit and style of the local culture, boat over and tour Royal Island, have lunch or dinner, maybe overnight in one of our villas and return to Rock House.
"By partnering with Wallace and Don, we can create a total experience for the person who wants a luxurious residential hideaway in a community on a virtually untouched private island with ocean views.”
Rock House was built in the 1940s as a bed-and-breakfast but has been expanded into a nine-room boutique hotel and restaurant in the past six years.
Celebrities such as Bette Midler, Mick Jagger, Richard Gere and Robert De Niro have stayed there.
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