The Tucker’s Point SDO – let’s call it what it is: A license to break the law. It gives the developers the ability to use land that would otherwise be illegal.
The question needs to be asked – what happens if Tucker’s Point fails to receive an SDO? The answer seems to be that the bank will foreclose on the hotel as they did with Newstead and aim to find a new buyer to run the hotel. That buyer will be free of the crushing debt service cost racked up by the original developers making their job of running the hotel profitably a much easier one.
For years rumours of mismanagement have flown around Tucker’s Point and there’s no doubt that huge amounts of money were squandered. That’s just bad business and the consequences for the developers should be a loss of their investment and someone with better management skills should buy the hotel to run it profitably. If the hotel is in any way viable then this solution is far superior to paying off the incompetent management’s debts through a bailout from the people of Bermuda.