Editorial: Financial trouble of Caravanserai

POSTED: 08/12/13 12:36 PM

That the Caravanserai Beach Resort is in financial hot water is a sign that the economic crisis has cut deeper than many want to hear or even to believe.

The resort’s expansion has come to a full stop, the contractor has left the job and it does not look like this project will be finished in the foreseeable future.

All this also brings the permit for the Dunes Casino once more in question. The resort certainly does not have 200 rooms at the moment and the casino is also no longer part of Caravanserai since Atlantis-boss Francesco Corallo took ownership.

That there are already two interested parties in buying the resort is the only piece of good news – it offers at least a sliver of perspective.

As long as there is no deal, the resort’s fate remains uncertain and a lot of people threaten to get hurt in the process.

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Comments (1)

 

  1. investors says:

    Can you give the investors of The Caravanserai Beach Resort any updates?…We feel St Martin the friendly island has let us down. We feel this news paper as also let us down, by not printing any opinions ,editorials, or any real time news about this issue.. How can one say this is a place for growth when every time some builder with bright ideas comes along and rips off the tourist investors. So far this investor is in the hole for over 100g and no answers not from them or this news paper forget about this place they call the friendly Island and this news paper. if we could make one wish it would be to recovered our hard earn money which we invested toward the growth of this beautiful place. Up to date we have received nothing but lies and empty promises. Stop these developers from ruining lives and filling their own pockets. Cruise ship travelers should be warned as we too were once on that boat. We say miss the boat and save yourself and your money. Don’t invest international period.