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Dr. Kelvin Daly has reported that Nisbett Plantation Beach Club has been sold. Dr. Daly has suggested that in a deal that has raised concerns and sparked public outcry, the iconic Nisbet Plantation Beach Club on Nevis has been sold for just US$3.5 million, less than half of its estimated US$8.5 million value, to an American property developer. The sale, described as a “steal” given the hotel’s prime 30-acre beachfront location, has left many Nevisians questioning the handling of this transaction and the true beneficiaries behind it.

The greatest beneficiary from the sale appears to be the crediting bank, based in Bermuda, which is expected to receive a substantial payout of approximately US$3.3 million. The two Bermuda-based owners of the hotel, one of whom is a director of the same bank, will recoup a significant portion of the proceeds, while the remaining US$200,000 will be distributed among 24 additional creditors.

The real losers in this deal are the people of Nevis. Local creditors, including the Nevis Island Administration’s Ministry of Finance, NEVLEC, and the Water Department, are collectively owed around EC$3.6 million, a debt that now looks likely to go unpaid. Furthermore, the EC$240,000 owed to Social Security seems equally unrecoverable. This leaves former employees, over 80 Nevisians primarily from the St. James area, without any compensation or severance, amplifying the local hardship and resentment surrounding the sale.

Many residents are questioning the role of the Nevis Island Administration (NIA) in approving the sale, which was finalized at a price that was widely regarded as too low. With the knowledge of the millions owed to Nevisian institutions and local entities, some feel that the NIA’s decision ultimately prioritized the interests of foreign creditors and investors over those of the local community.

“This situation underscores the need for a government that stands with Nevisians,” a St. James resident remarked. “We need leaders who will put the interests of our people above foreign banks and big-money connections from Bermuda or elsewhere.”

As local creditors and former employees face the economic impact of this decision, there is growing demand for transparency and accountability from the NIA and a push for stronger protections to ensure that the interests of Nevisians remain at the forefront of any future sales involving community assets.