Firm linked to Seaga bidding for Enchanted Gardens
By Andrew Green, Staff Reporter

Seaga

OPPOSITION LEADER Edward Seaga is a director of the United States based firm bidding for his Enchanted Gardens property in Ocho Rios.

The 129 room Ocho Rios resort accumulated arrears in General Consumption Tax (GCT) and debts on the property ended up in the hands of FINSAC, the state company started to stabilise the country's financial sector. Mr. Seaga, a lead shareholder in the resort, told the Gleaner two weeks ago at an Editors Forum that an agreement for the sale of the property would be reached shortly.

American Leisure Holdings, Inc.(ALH), in a press release published over the Internet on August 21, announced that its subsidiary company Leisureshare International PLC, a UK company, had signed a memorandum of understanding to acquire the Enchanted Gardens Resort. A month before that on July 11, American Leisure Holdings announced in a previous press release that Mr. Seaga had been appointed as one of its new directors.

Mr. Seaga's statement to the Editor's forum coincides with the timeline established by ALH president Malcolm Wright. Mr. Wright stated in the August 21 announcement that the Enchanted Gardens purchase agreement was expected to be finalised and executed in September, and closing (the actual transfer), was anticipated in January 2003.

Enchanted Gardens in Ocho Rios was built with some of the proceeds of a US$8 million loan assumed in the 1980's. Despite subsequent refurbishing and expansion, the property did not prove successful as a tourist resort.

Mr. Wright stated that his company planned to develop the remainder of the property once the existing resort is refurbished and they were able to determine the demand, occupancy levels and room rates.

Attempts by Wednesday Business to contact Mr. Seaga at his office, his home and via his cellphone over the last two days proved unsuccessful.