US ( not U.S.) Investors Take Over Coral Beach Club In Bermuda

Written by: Bob Larson Tennis on 24th December 2013

US ( not U.S.) Investors Take Over Coral Beach Club In Bermuda

epa03532956 Coach Michael Joyce of Maria Sharapova holds a raquet with tennis balls during a practice session of the second seeded at the Australian Open Grand Slam tennis tournament in Melbourne, Australia, 13 January 2013. The first round of the Australian Open kicks off on January 14th. EPA/Dennis Sabangan |

The Coral Beach and Tennis Club in Bermuda has been taken over by US investors CBC 2013, a subsidiary of Three Wall Capital and ROC Group.

CBC 2013 made the move just over a week after it came out of receivership.

“We are thrilled to be taking over Horizons and Cottages and Coral Beach and Tennis Club in Bermuda,” Alan Kenders, CEO of Three Wall Capital told the Royal Gazette 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.

Three Wall Capital has interests in the Mayflower Inn and Spa in Connecticut, and the New York luxury property The Quin.

The Mayflower Inn has won a Conde Nast Traveler’s Readers’ Choice Award.

ROC Group is a New York investment firm focused on real estate.

“The sale of the Coral Beach and Tennis Club and Horizons and Cottages to Three Wall Capital and ROC Group is further evidence that the country is moving in the right direction, said the Premier of Bermuda, Craig Cannonier said “Both properties are vital to our tourist economy.

In 2007 the US company Brickman took a 200-year lease on the 26-acre property, but was unable to redevelop the club as a Four Seasons resort.

In 2012, Brickman tried to sell the club to its members for $28 million, but that fell through and Coral Beach went into receivership.

Coral Beach has around 1,300 members. It operates on a 29.6-acre parcel, has a main clubhouse including 12 guest units, 16 units in the attached main guest suites and 28 units in 11 detached cottages, plus pool and eight tennis courts, squash courts, wedding, croquet and putting greens, and open space. The property also has 2,000 feet of beachfront on the south side of Bermuda.

Three Wall Capital is said to have completed more than $400 million in transactions in the past 36 months.

Topics: 10sballs, Bermuda, Tennis, Tennis News, The Coral Beach and Tennis Club