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Flipping a resort three months after you buy it for almost double what you paid? There must be more to the story...
In November, St. Thomas-based Palm Resorts paid $17.5 million for the 290-room resort, which has been closed for more than two years.
Wyndham St. Thomas Development LLC bought the 25-acre Smith Bay property from Palm Resorts Holding Company LLC for $31 million, according to documents filed in the Recorder of Deeds office last week.
http://www.virginislandsdailynews.com/index.pl/article_home?id=17602884
Posted : January 24, 2007 7:44 pm
Gee...I KNEW I shoulda bought it a coupla years ago!!
Posted : January 24, 2007 8:19 pm
It was originally bought for 9.75 Million in November of 2003.
Posted : January 25, 2007 1:08 pm