Government Wins Half Moon Bay Holdings Case.

St. John’s, Antigua – The Government has won it its Half Moon Bay Holdings HMB Privy Council case.
The Privy Council devalued Half Moon Bay Hotel from the almost US$46 million awarded by the Eastern Caribbean Court of Appeal to about US$27 million.

This is more in line with the US$23 million that the Government insisted was the property’s value, which means that the government’s argument for comparable sales of real estate at the time of the acquisition won out in London.

In November 2013, the debt, including annual interest accrued, was estimated at well over US$70 million, but that was based of 11.27 per cent awarded by the Eastern Caribbean Court of Appeal.

That part of the debt too has been reduced. A portion of the time since compulsory acquisition in July 2007 will now bear the higher rate and the remainder will be at 4 per cent.

Minister of Tourism the hon. John Maginley recently said that the Government is close to signing a deal for the sale of Half Moon Bay Hotel.