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Roatan and Bay Islands Discussion List Archive
| Posted On: | 24-Jun-2005 |
| From: | "hondosps" [listsabc.....com] |
| Subject: | [roatan] Re: In depth update Viva Wyndham and Mystic Harbour |
Moe, Thanks for this report. Regarding point three, I have an email from the developer Rick Mortell, dated 6/21 where he states that they are in the process of finalinzing the agreements with Wyndham, a liitle different than what water mark is saying. Watermark's web site is promoting the project as a Wyndham property, but according to the developer the deal is not done with Wyndham. False advertising, you decide. YMMV but I decided not to invest here, due to these discrepencies Thanks, Jack --- In roatan.....com, Moe Williams wrote: > First of all. I don't live on Roatan yet but will be > arriving this fall with future wife, dog, and cat in > tow. > > We have met many of you on the forum in person and are > looking forward to meeting others as we adjust to the > goods and bads of living there. Eyes wide open. > > I took it upon myself to get ahold of who I could > about the Wyndham project and the following is from a > brief but detailed discussion with Watermark > Resorts/PriceMorgan who are doing the preconstruction > sales. This information is nothing but notes from > that conversation and I CANNOT CLAIM THAT IT IS EITHER > FACT OF FICTION it is just what the guy shared with > me. > > I spoke with one of the principles Watermark / > PriceMorgan LLC (we won't use his name out of > respect). > > 1) Supposedly the developer is Rick Mortel ( couldn't > read my own notes very well so could be wrong name ). > > 2) He was working on a hotel deal with Wyndham but > they are NOT building a hotel there. Just for those > who might not understand, many companies like Marriot, > Wyndham and others have distanced themselves from > brick and mortar(B&M) efforts. I am sure the fact > that it is too capital intensive, other related > litigation risks, and the fact that management > contracts are much easier to forecast to all play a > role in that approach. > > 3) They did license the name to him and supposedly > have signed an agreement to be the management company > for the project. So the units will enter a network > and the time can be shared. Since Wyndham signed the > management company agreement, they also had their > architect involved during the whole process as they > needed to make sure it is effecient for them to run > the operation when completed. > > 5) Watermarks / PriceMorgan claim they have invested > in the development after doing a lot of due diligence > themselves. The guy said that the former Governor of > the Bay Islands is part of the project as he owned > much of the land involved (that might explain why > people on the forum said the developer does not own > the land). A smart developer might not try to eat the > cost of the land and instead cut a joint venture with > the land owner to provide development of the project > and than share the profits. In addition, the guy from > PriceMorgan said he had checked with the Minister of > Tourism to see if the country was prepared to support > the project. > > 6) He claims they have presold 200 units already of > the 250 in the first phase. The money for > preconstruction is being held in escrow in Destin > florida. > > 7) Stewart title and First American are supposedly > going to handle title insurance when the closing of > sales and such gets moving. That would be why Stewart > Tile is giving no assurances. Remember these are 1/8 > share units with multiple units on the land. A title > company can't possibly provide Title Insurance until > the units are done, they can do a search on both land > title and any encumbrances on the structures. Only > then can they provide Title Insurance. > > 8) Remember these are 'pre-contruction' sales which > are always risky unless you know the developer and can > see a tract record of success. We all know how that > goes. Neither good or bad, just a fact. You want > better returns you take more risk. Sometimes you win > sometimes yo lose. > > 9) He said the footings for the units should start > coming out of the ground this fall and it will take > 1.5 years for the project to really get launched. i.e > units built, ameneties in place, etc. Also he said he > is looking at this as a five year project which is > realistic. Things take time as you all know very > well. > > 10) He also indicated that they purchased, the > developer did, 17 acres adjoing the property to do > some other things. > > Well I hope this makes sense and helps with some of > the questions. > > Gary > > P.S. HGTV is doing a House Hunters episode that will > feature Roatan. How do I know this? They are using > my future wife and I as the folks moving to Roatan. > They have already filmed at our house in Minnesota for > the first part of the episode and will be traveling > with us to Roatan next month ( July ) to finish the > shooting. Good PR for the Island. So let's be on our > best behavior :-) Just joking! > > > > http://www.roatanet.com To visit your group on the web, go to: http://groups.yahoo.com/group/roatan/ roatan- : | |
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