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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold">* Breaking News * Confirmed : It ' s... ( Gleaner )...</span>
An agreement was formally signed today between Ackendown Newtown Development Company (ANDCO)and Gorstew for the sale of Sandals Whitehouse Hotel to Sandals Whitehouse Management Limited for a purchase price of US$40 million. The sale, which was announced by the directors of ANDCO confirmed earlier reports that the purchase price comprised of a deposit of US$7.5 million. This deposit has already been made. The purchase price also included a vendor's mortgage of US$32.5 million that is repayable at an interest rate of 6.0 per cent per annum over 7 1/2 years in 30 equal quarterly installments of interest and principal. In a press release issued today by the Development Bank of Jamaica, ANDCO said that the US$32.5 million vendor's mortgage is secured as follows, -A fixed and floating debenture over the assets of Sandals Whitehouse Management Limited. -A collateral mortgage over the real estate. -The unconditional corporate guarantee of Gorstew Limited; and maintenance of a Debt Service Reserve Account by way of a cash deposit of US$1.3 million (equivalent to 3 months debt service) to be held in escrow for the benefit of ANDCO. The release also said that "under the terms of the sale agreement, upon completion of the sale which is projected as at March 24th 2011, the lease will be surrendered with Sandals Whitehouse Management Limited making all lease payments, and other apportioned costs of insurance, property taxes etc., due up to the date of completion." In addition, Gorstew Limited will also transfer its shares in the capital of ANDCO to the UDC and the DBJ. The rlease also said that additionally, and simultaneous with the signing of the sale agreement, all the parties to the ongoing claim in the Supreme Court and Arbitration (which include Gorstew Limited, Sandals Whitehouse Management Limited, ANDCO, the Urban Development Corporation, and the Development Bank of Jamaica) have also executed a deed of settlement agreeing to the discontinuance of all claims and counterclaims. ANDCO is a joint venture company formed by the UDC, Gorstew Limited and the DBJ, which owns the 360-room all-inclusive Sandals Whitehouse European Village and Spa hotel located in Westmoreland.
<span style="font-weight: bold">* Breaking News * Confirmed : It ' s... ( Gleaner )...</span>
An agreement was formally signed today between Ackendown Newtown Development Company (ANDCO)and Gorstew for the sale of Sandals Whitehouse Hotel to Sandals Whitehouse Management Limited for a purchase price of US$40 million. The sale, which was announced by the directors of ANDCO confirmed earlier reports that the purchase price comprised of a deposit of US$7.5 million. This deposit has already been made. The purchase price also included a vendor's mortgage of US$32.5 million that is repayable at an interest rate of 6.0 per cent per annum over 7 1/2 years in 30 equal quarterly installments of interest and principal. In a press release issued today by the Development Bank of Jamaica, ANDCO said that the US$32.5 million vendor's mortgage is secured as follows, -A fixed and floating debenture over the assets of Sandals Whitehouse Management Limited. -A collateral mortgage over the real estate. -The unconditional corporate guarantee of Gorstew Limited; and maintenance of a Debt Service Reserve Account by way of a cash deposit of US$1.3 million (equivalent to 3 months debt service) to be held in escrow for the benefit of ANDCO. The release also said that "under the terms of the sale agreement, upon completion of the sale which is projected as at March 24th 2011, the lease will be surrendered with Sandals Whitehouse Management Limited making all lease payments, and other apportioned costs of insurance, property taxes etc., due up to the date of completion." In addition, Gorstew Limited will also transfer its shares in the capital of ANDCO to the UDC and the DBJ. The rlease also said that additionally, and simultaneous with the signing of the sale agreement, all the parties to the ongoing claim in the Supreme Court and Arbitration (which include Gorstew Limited, Sandals Whitehouse Management Limited, ANDCO, the Urban Development Corporation, and the Development Bank of Jamaica) have also executed a deed of settlement agreeing to the discontinuance of all claims and counterclaims. ANDCO is a joint venture company formed by the UDC, Gorstew Limited and the DBJ, which owns the 360-room all-inclusive Sandals Whitehouse European Village and Spa hotel located in Westmoreland.