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Roatan and Bay Islands Discussion List Archive
| Posted On: | 25-Jun-2005 |
| From: | "Geoff Arms" [grarms.....net] |
| Subject: | Re: [roatan] In depth update Viva Wyndham and Mystic Harbour |
Moe, I hope you'll let us all know the date they plan to show the segment on your move to Roatan. Thanks, Geoff ----- Original Message ----- From: Moe Williams To: roatan.....com Sent: Friday, June 24, 2005 10:34 AM Subject: [roatan] In depth update Viva Wyndham and Mystic Harbour 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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