Aries Capital Closes $18.15 Million Construction Loan for Anguilla’s Malliouhana Hotel & SpaJune 2, 2014
Aries Capital’s Chairman and CEO, Neil Freeman and Senior Vice President Jeff Bucaro, have secured an $18,150,000, non-recourse construction loan on behalf of their client, for the renovation of the Malliouhana Hotel and Spa on the Caribbean island of Anguilla in the British West Indies.
Originally opened in 1984, this then 55-room hotel was the first upscale hotel developed on Anguilla. The 20-acre elevated beachfront property overlooking Turtle and Meads Bays, attracted thousands of luxury-seeking tourists and employed hundreds of local residents, before closing its doors in 2011, after the island’s tourism was hard hit by the economic downturn. The borrower purchased the property in 2013 and hired the prestigious, award-winning, Auberge Resorts management company to assist with its renovation and oversee the property’s ongoing marketing and management.
Aries Capital was engaged to lead the financing process due to Freeman’s first-hand experience owning and developing hospitality properties on the island of Anguilla.
Drawing from his familiarity with Anguilla real estate laws and his knowledge of the competitive market, along with the quality of the borrower and management company, Freeman was able to provide comfort to the lender (who was new to Anguilla) as well as guide the borrower through the application and approval process for the required Alien Land Holding License with the Anguilla government.
“We are pleased to have assisted the borrower with this transaction and we will continue to expand our focus in the Caribbean on high-end islands such as Anguilla, Grand Cayman and Nevis/St. Kitts,” said Freeman.
The resort is slated to reopen Fall 2014.
Contact Neil Freeman with questions.