Anguilla’s 275-acre Temenos Anguilla resort, which went into receivership earlier this year, has acquired a new financial backer, according to local press reports. Bloomberg, Cypress Equities Inc., a private equity firm tied to former Dallas Cowboys star Roger Staubach, plans to take over the unfinished resort after developers including Robert Sillerman of CKX Inc. defaulted on loans.
Cypress signed a binding agreement to acquire Temenos Anguilla by purchasing its debt, according to a BloombergNews.com report. The unfinished luxury resort was slated to include a 32-room hotel with 78 villas, plus beachfront views of St. Martin and Anguilla’s only golf course. The original developers completed the Greg Norman-designed golf course and clubhouse and most of 59 residential units before defaulting in 2008; a planned 32-unit condominium-hotel and spa, 45 villas and estate homes, and 14 acres of additional land remain unfinished.
The resort is the latest on the island to be sold to a private equity firm. Barry Sternlicht’s Starwood Capital Group announced plans to assume control of the 35-acre Viceroy Anguilla resort after purchasing the development’s loans in October. Completion of the Temenos deal is subject to government negotiations to revise the development plans, according to Jeff Woolson, a managing director of CB Richard Ellis Inc.’s Golf & Resort Group, which is handling the sale. Cypress Equities is also developing Royal Island, a private island in the Bahamas with 15 miles of coastline featuring an 18-hole Jack Nicklaus Signature golf course. For more information, visit www.cypressequities.com.