Wednesday June 18th, 2014 - 11:24AM
NEW YORK—Time Equities, Inc. has acquired Altamer Resort in Shoal Bay West, Anguilla.
The boutique resort, designed by architect Myron Goldfinger, comprises three beachfront villas, a conference center, a beachfront restaurant space, as well as 42 acres of undeveloped land and the rights to develop a marina adjacent to the property.
Led by developer Francis Greenburger, Time Equities plans to renovate, refurbish and reposition the existing villas, which total nearly 40,000 sq. ft., and continue to operate the resort as a boutique villa resort.
Altamer will continue to be managed by the existing Anguilla-based team, led by Carl Irish, and will remain available for rent as individual villas or altogether for both private and corporate stays and events.
In addition, Time Equities plans to convert the former restaurant space into a four-bedroom villa, renovate and upgrade the conference center and launch a new website for the resort.
According to the firm, it also will begin searching for a joint-venture partner to develop and operate a marina adjacent to the site.
“The Caribbean is booming again and provides an incredible opportunity for real estate development today, particularly in Anguilla, which has seen a surge of economic prosperity and demand from the global jet-set community,” said Greenburger, founder and chairman of TEI. “The acquisition of Altamer furthers our commitment to expanding Time Equities’ international footprint."