rockman
Junior Nomad
Posts: 97
Registered: 11-30-2003
Location: Port Hadlock, WA & Loreto BCS
Member Is Offline
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Loreto Bay Quits
The following was received by Loreto Bay lot owners :
Breaking News: Loreto Bay Baja resort, unable to find new buyer, suspends operations
by Clinton Stark on Saturday, June 6, 2009
TSD Partners today informed homeowners that all operating and construction activities on the Loreto Bay project will be suspended. The announcement
follows months of speculation regarding a potential new buyer for the financially struggling development.
Launched in 2004, the original vision called for a 5,000 unit mega-resort with walkable seaside village homes located along the Sea of Cortez, and 20
minutes from the small fishing village of Loreto in Baja California Sur, Mexico. In 2007, Citibank invested in the project bringing needed capital and
management resources.
A combination of the global economic downturn, the real estate crisis, banking failures and the continual deluge of negative headlines related to
Mexico�s escalating drug wars appear to be contributing factors.
The homeowner email is below. StarkSilverCreek will carry updates, along with editorials on the project, and what may happen next, along with advice
for homeowners.
(this is the email sent to homeowners):
Loreto, BCS, June 6, 2009
Dear Homeowners,
TSD Loreto Partners, S. en C. por A. de C.V. (the �Company�) regrets to inform its clients and stakeholders that, due to the challenging situation
in the international real estate and financial markets, all operating and construction activities for Loreto Bay (the �Project�) will be
suspended.
To assist in securing new equity funding and a long-term suitable buyer for the Project the Company hired Cushman & Wakefield. Several potential
buyers and investors have visited the Project over the last few months, yet in the context of the current economic crisis and credit shortage, the
Project has been unable to secure a buyer or new investor.
We regret to inform you that until new funds are secured, as of June 7th, 2009 all hospitality related operations will be suspended and as of June
8th, 2009 all construction related activities will be suspended.
Please note that all homeowners with a home under construction, and all other homeowners will receive further information as it becomes available.
Best regards,
Embree C. �Chuck� Bedsole
Interim President
TSD Loreto Partners, S. en C. por A. de C.V
[Source: email sent to homeowners, also available at the Loreto Bay News web site]
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comitan
Ultra Nomad
Posts: 4177
Registered: 3-27-2004
Location: La Paz
Member Is Offline
Mood: mellow
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rockman
Your post is a Little late its already being trashed.
[Edited on 6-7-2009 by comitan]
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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BajaNomad
Super Administrator
Posts: 4999
Registered: 8-1-2002
Location: San Diego, CA
Member Is Offline
Mood: INTP-A
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http://forums.bajanomad.com/viewthread.php?tid=39108
When I was young, I admired clever people. Now that I am old, I admire kind people.
– Rabbi Abraham Joshua Heschel
We know we must go back if we live, and we don`t know why.
– John Steinbeck, Log from the Sea of Cortez
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