Letters to the Editor: Mandarin not “scrapped”

 In
the Caymanian Compass issue dated 8 September 2010, comments made in the
article regarding the status of the Mandarin Oriental Grand Cayman project were
inaccurate. The directors of Barefoot Resorts Ltd., the developer, were not
contacted in relation to the story to provide an accurate assessment of the
status of the project.

The
Mandarin Oriental Grand Cayman has not been scrapped, and the developer and its
directors continue to work diligently to replace the project financing that was
in place prior to the world financial collapse of 2008.

To
say in the newspaper article that “the project was a question mark for a long
time, but developers had to amp things up and put on a positive face” is
completely false.  In 2004, the project had construction funding in place
and was moving forward when Hurricane Ivan struck Grand Cayman and caused a
significant delay in the project. As a result, new project funding had to be
found and in 2007 Barefoot Resorts Ltd. secured the funding commitment to build
the project. Work on the project was fully underway until the summer of 2008,
when the world financial crisis began to unfold, resulting in a stoppage of
most development projects worldwide, including this one.

Although
the current economic downturn has severely slowed progress in securing the
necessary funds to build the project, the developer and its director continue
to expend a great deal of time and money (well over UD$10 million invested to
date) on a vision they passionately believe in for Grand Cayman.

The
Mandarin Oriental Grand Cayman project, forecasted to be a US$200 million plus
investment in the Cayman Islands, continues to attract attention from investors
worldwide. The directors can confirm that they are actively in discussions with
a number of qualified investors and hope to be able soon to make an
announcement concerning the future of the project.

Barefoot
Resorts Ltd.

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