Posted by Wow, a good way to buy locally on May 07, 2002 at 17:45:40:
From the Nassau Guardian:
Island resort auction in the Abacos
Excellent local investment opportunity
Island's resort's auction forcing owners to seek rooms at other hotels in The Bahamas
When you own a resort, the last thing you want to do is send a guest elsewhere, but that's what the
owners of Guana Beach Resort and Marina on Great Guana Cay in the Bahamas' Abaco Islands are
doing.
At the end of April, owners Gordon and Mary Sadler are closing the resort to prepare for its auction on
May 25 during the busy Memorial Day weekend. "It's ironic but we're having to close the resort to
guests so we can show the suites to perspective buyers," said Gordon Sadler, He and Mary have owned
the resort for more than a decade.
"The property is being offered in 14 parcels, with eight selling to the highest bidder regardless of
amount,' he added.
"This auction is one of the best opportunities I've ever seen for someone who wants to invest in an
island resort. It's gorgeous location in a high-growth area with an outstanding reputation as a premier
vacation and honeymoon spot on one of the world's top-ranked beaches," said King.
Guana beach Resort gained fame as the location where a number of television commercials were filmed,
including a memorable one for Visa credit cards that urged visitors to bring their Visas because "they
don't take American Express." The commercial first aired during a Super Bowl broadcast in the mid-1990s.
"We may be most famous as a resort that doesn't take American Express, but for auction, we won't be
taking Visa either," quipped Sadler.
Indeed, bidders for the property will be required to bring a cashier's check ranging from $5,000 to $25000,
depending on which and how many of the 14 parcels they want to purchase.
"When we first bought the property, it was the only business on Great Guana Cay," said Sadler. "It was
just a small fish camp in a deserted island with no phone and no transportation except one boat a week,"
he said.
Now, the island is the fastest growing tourism destination in the rapidly growing Abaco chain. It is home
to three hotels, five restaurants, more than 125 rental homes, and Orchid Bay, an exclusive 450 acre
private estate development.
The Sadlers are relocating to North Carolina, where they plan to establish a resort in the Smoky
Mountains.
"We enjoyed the islands for more than a decade, but we've always loved the mountains as well." said
Gordon Sadler.