Coral Beach and Horizons are sold

The Coral Beach and Tennis Club and Horizons & Cottages have been sold.

It was purchased by CBC 2013, a subsidiary of Three Wall Capital’s and by ROC Group. No price was announced.

Three Wall Capital also owns the Mayflower Inn and Spa in Connecticut and The Quin in New York.

Alan Kanders CEO of Three Wall Capital, said in a press release: “We are thrilled to be taking over Horizons & Cottages and Coral beach & Tennis Club in Bermuda. Both Bermuda and Coral Beach Club have been synonymous with luxury, service and hospitality for a number of years.

“As the new owners of Coral Beach Club we seek to pay homage to the past, yet firmly embrace the standards the world has come to expect in 2014. We intend to create a product all Bermuda can be proud of.”

Charles Thresh, joint receiver and managing director of KPMG Advisory Limited in Bermuda, said in a press release: “Following a 10-month receivership period, it is extremely satisfying to have concluded the sale of the operations of both the Coral beach & Tennis Club and Horizons & cottages on a going concern basis.

“The Coral beach & Tennis Club is a landmark Bermuda property and members’ club, and is of significant importance to the Bermuda economy.

“As such, it is particularly pleasing to have been able to operate the Club successfully on a business as usual basis and achieve this sale, putting the Club and properties in the hands of new owners to secure a long-term future.”

Premier Craig Cannonoier said: “Today marks another vote of confidence for Bermuda and our tourism product. The sale of the Coral Beach & tennis Club and Horizons & Cottages to the Three Wall Capital and ROC Group is further evidence that the country is moving in the right direction. Both properties are vital to our tourism industry.”

Alan Kanders CEO of Three Wall Capital, said: “We are thrilled to be taking over Horizons & Cottages and Coral beach & Tennis Club in Bermuda. Both Bermuda and Coral beach Club have been synonymous with luxury, service and hospitality for  a number of years.

“As the new owners of Coral beach Club we seek to pay homage to the past, yet firmly embrace the standards the world has come to expect in 2014. We intend to create a product all Bermuda can be proud of.”