Temenos resort sold for $15 million

13 Sep, 2011

CBRE Hotels completed the sale of Temenos in conjunction with British Virgin Island real estate firm, Smiths Gore. Temenos is a world-class oceanfront resort development on the southwest coast of Anguilla. Leandro Rizzuto, owner of the adjacent CuisinArt Resort & Spa, purchased the resort for $15 million in a public auction held on June 7, 2011. Temenos will be renovated and re-open in the fall of 2011 as the CuisinArt Golf Resort & Spa.

“Upon completion, Temenos will be one of the most sought-after destinations in the Caribbean,” said Jeff Woolson, Managing Director of CBRE’s Golf & Resort specialty group. “The development features nearly a mile of beach frontage, luxury residential units and Anguilla’s only golf course, along with an exhaustive list of the type of top-shelf amenities one would expect from a resort property as prestigious as Temenos."

Temenos had been in receivership since February 2010, after the developers defaulted on $180 million in loans and reportedly needed an additional $125 million in financing to complete the project. William Tacon of Zolfo Cooper, receiver for Temenos, said "this has been a very complex disposal involving many stakeholders but it shows that the receivership process can be used successfully to realize a complex development in the Caribbean region."

Temenos is in various stages of development and the completed transaction included a combination of freehold and leasehold interests totaling approximately 277 acres. Infrastructure for a 32-key resort and spa complex has been partially completed and there are 14 acres of unallocated development land. The golf course is complemented by extensive practice facilities and a first class clubhouse measuring approximately 20,000 square feet. A reverse osmosis, desalination water plant supplies irrigation water to the golf course and potable water to the development.

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