Paget landmark expected to attract ‘significant interest’
Jones Lang LaSalle along with Rego Sotheby's International Realty and GARI Realty have been selected to market for sale the Coral Beach and Tennis Club plus Horizons and Cottages.According to Jones Lang LaSalle yesterday, the club and properties are expected to attract “significant international investor interest”.Asked what it is priced at, a spokeswoman told The Royal Gazette: “There is no set price attached at this point. It is whatever the market will bear.”She said the three firms were engaged by an international lending institution to market for sale the leasehold interest in both the Coral Beach and Tennis Club and Horizons and Cottages properties on Bermuda’s South Shore.The Rego Sotheby’s International Realty team is led by president Buddy Rego and executive vice president Penny MacIntyre.The combined team of Jones Lang LaSalle, Rego and GARI successfully marketed for sale the South Beaches site in Southampton, site of the former Sonesta Hotel, which transacted in March of this year, to the Green family.The resort and properties are set on a combined 52 acres with views and beach shoreline.“A broad marketing effort will occur within the coming weeks,” JLL said.Swedbank AB New York is the mortgage holder for the property and KPMG Advisory has been named Joint Receivers to Coral Beach. New York-based Brickman had purchased the resort plus Horizons from George Wardman’s company with a loan which ended up being held by Swedbank.As part of the lease purchase, Brickman had agreed to annual rental payments of $1 million for the Horizon lease and $1 million for the CBC lease for the next 45 years of the lease.