VOLUME 15 ISSUE 38

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SEPTEMBER 27TH, 2019 – OCTOBER 3RD, 2019

Website: www.suntci.com

Email: sun@suntci.com

VOLUME 15 - NO. 38

Tel: (649) 348-6838

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Fax: (649) 941-3281

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BEACHES FOR SALE? Parent company could fetch $4.5billion

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andals Resorts International, which operates all-inclusive resorts throughout the Caribbean, including Beaches Turks and Caicos Islands, has reportedly restarted an effort to sell itself, according to people familiar with the matter. According to various international news agencies, including Bloomberg, the Gordon “Butch” Stewart-owned company could fetch as much as $4.5 billion in a sale, said one of the people, who asked not to be identified because the matter was private. Sandals “is exploring options to take advantage of the growing global demand for the brand,” a representative for the company said in an email, adding that the sale effort had been reported in 2017. The company declined to comment further. Sandals, whose website offers luxury vacations for “two people in love,” was founded in 1981 by Chairman Gordon “Butch” Stewart. The company is working with an adviser on the sale process, which would help resolve estate-planning issues, one of the people familiar with it said. The company operates 24 properties in the Caribbean under the brands Sandals, Beaches, Grand Pineapple, Fowl Cay Resort and Your Jamaican Villas. Its properties in The Bahamas, Jamaica, Turks and Caicos Islands, Barbados, Grenada, Antigua and St. Lucia, book more than 400,000 guests and host 6,000 weddings a year, according to a document reviewed by Bloomberg. In the all-inclusive segment of the

Beaches Turks and Caicos hospitality industry, guests pay a single price for lodging, food and other services. Large hotel brands, which had stayed out of the niche for decades, have begun to respond to demands of their frequent guests. Marriott International Inc. has

announced plans to offer all-inclusive packages following initiatives by Hyatt Hotels Corp. and Hilton Worldwide Holdings Inc. In 2017 it was also reported that Sandals

Resorts International was reportedly exploring strategic alternatives, which include a potential sale of the company. At that time, Sandals hired investment bank Deutsche Bank AG to explore the options.

CONSTITUTION REVIEW COMMITTEE APPOINTED, CONSULTATIONS TO BE BEGIN

Joint Statement by the Premier and Leader of the Opposition

We are pleased to announce the appointment of members of the Constitution Committee formed to conduct consultations throughout the Islands on proposed constitutional changes:

The remit of the Committee is to: reintroduce the public to the current proposals before the UK; educate on areas of proposed new submissions and receive recommendations.

Members: Hon. Sean Astwood, Hon. Douglas Parnell, Hon. Akierra Missick, Mr. R. Donhue Gardiner.

This work will begin on October 7th, 2019 and the Report will be completed by October 31st, 2019. Once the report is completed, it will be forwarded to HM Government and a TCI Delegation will travel to make representations during the month of November.

Additionally, both the Premier and Leader of Opposition will assist the Committee in their consultative work at times.

Please see the Schedule of Island Meetings below and

plan to attend: October 7th October 8th October 11th October 17th Caicos October 21st

Grand Turk Salt Cay South Caicos Middle Caicos and North Providenciales

We welcome written submissions and an email address will be created and shared.

Hurricane Preparedness In case of flooding, know the location of the nearest hurricane shelter. If called to evacuate, do so immediately. Further information and hurricane safety tips are available on our website: www.fortistci.com/hurricane-preparedness-tips

www.fortistci.com | 649-946-4313


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