On 11 December 2019, International Hotel Investments plc (“IHI”) provided an explanation of the restructuring initiatives being implemented at the Radisson Blu Golden Sands Resort (“Golden Sands Resort”) located in Golden Bay. The Golden Sands Resort and its timeshare marketing and promotional services arm, namely Azure Services Limited (“ASL”), are jointly and equally owned by IHI and a group of international investors specialising in resort operations.
In this respect, IHI noted that over the years, ASL has successfully sold the lion’s share of its timeshare allocation at the Golden Sands Resort. As a result, the shareholders of the Golden Sands Resort (including IHI) have been planning a strategic restructuring of the business of the Golden Sands Resort aimed at moving away from the sale of timeshare products and services and focusing more on traditional high-end tourism. The restructuring exercise will inevitably entail a review of all operating departments at ASL including its sales and marketing teams. IHI also highlighted that all the shareholders of the Golden Sands Resort (including IHI) will remain committed to the future operations of the Golden Sands Resort as a high-end luxury destination. Moreover, the shareholders of the Golden Sands Resort (including IHI) reaffirmed that Azure and the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. A specialist team will be retained to manage member-related services and relations as part of the restructuring process.