Posted on 11/20/2008 1:15:14 AM PST by 2ndDivisionVet
PUNTA CANA, Dominican Republic-The ocean glows a milky turquoise. Tiny waves lap at the powder-beige sand, in no rush to reach the line of postcard-perfect palm trees. Hundreds of luxury villas are positioned to take in the view, but there are no guests. There are no roofs either; neatly tied bundles of red tiles are stacked outside. The wind slams doors and rustles the yellowed newspaper taped to the windows.
The paralyzed work scene at the Cap Cana resort, a development including four luxury hotels, three golf courses and a mega-yacht marina, is a victim of the global financial crisis that has hit the Caribbean's tourism industry especially hard.
Cap Cana fired 500 workers last month after Lehman Brothers declared bankruptcy and a $250 million loan fell through. Talks to re-negotiate a $100 million short-term loan collapsed last week, and more layoffs are expected.
"Our project has been affected by the economic tsunami that has paralyzed the global financial markets," said Cap Cana President Ricardo Hazoury.
Construction is also paralyzed at the Ritz-Carlton Molasses Reef resort in secluded West Caicos, where 60 Chinese workers revolted last month to demand back wages. About 160 workers have been sent home to China, and it's unclear when construction will resume at the hotel, marina and condominium project, which is three-quarters complete.
This month, the sprawling Atlantis resort in the Bahamas laid off about 800 workers, citing low occupancy rates. Baha Mar Resorts Ltd. laid off about 40 employees at its Sheraton Resort in the Bahamas and 40 more at the Wyndham Nassau Resort. The Bahamas Hotel Catering and Allied Workers Union has called a demonstration Thursday to demand government aid.
(Excerpt) Read more at breitbart.com ...
something about going into a dirt poor area while presenting yourself as a ‘rich American’ just doesn’t appeal to me...
Reminds me of the ap story about the Iraqi grave diggers losing work after the Surge reduced violence.
I half expect one day they and their kids have been kidnapped for ransom.
Dang, wife and I were looking at buying a place on Isla Mujeres, which is a Mexican Island in the same general area as Cancun and Cozumel. That was a few years back, we did not take the plunge, but I’m going to start looking again, if the same type property we were looking at then can be had for a fraction of the cost now, I’ll be sorely tempted.
Less new construction in this area is a good thing for the marine environment.
Market forces will dictate.
“something about going into a dirt poor area”
You shold take a second look at the north eastern Caribbean. Puerto Rico, the U.S. Virgin Islands, the British Virgin Islands and St. Martin are far from dirt poor.
I wouldn’t live anywhere else in the world.
Nice place but that area around Cancun and Cozumel seem a hurricane magnet.
Good luck.
No offense, brother, but tying your fortunes (in all senses of the word) to a turd-world hellhole beset by crime, gangs, and ripe for revolution may not be exactly the best idea.
Can I interest you in a White Mountains country inn instead?
I watch House Hunters International on HGTV occasionally. I’m always completely baffled by the ones where the Americans are relocating/retiring to some Latin American or dirt poor (except for gringo enclaves near the water) countries. Some of them don’t even speak the language. Why would you do that? Is living on the beach really all that? Wouldn’t you think the locals might resent your lifestyle just the teensiest little bit? My husband and I honeymooned in Cancun because it was extremely cheap at the time & we couldn’t afford much. We stayed right on the water and it was a gorgeous hotel in a huge strand of gorgeous hotels. We decided to take a bus tour inland. Not long into the ride we passed through a checkpoint—gun towers and men with Uzzis whose job was to protect the Cancun tourists from disgruntled or opportunistic Mexican residents. That always left a lasting impression on me. I’ve had friends who went to Jamaica and said that the touristy areas are wonderful but the other Jamaica is so poor that it makes you feel horrible (especially if you’re a Christian). Some people think that their tourist dollars help but I think most of that money goes to the big chains (Sandals, Hilton, etc.). And in any case, safety is very important to me and if I have to be protected by Uzzis or told to stay away from certain parts of the island, then I’m not going there to visit, let alone live there. There are too many beautiful places in the U.S.
They may have changed it, but Mexico used to have a law forbidding foreigners from buying land within 50 kilometers of the beach (or something like that).
Do you really want to buy property in a country that has a history of land grabs?
it’s amazing how many people never peek behind the curtain at those resorts, and thereby think life is just cozy for the residents outside the resorts.
those same people that never look behind the curtain also use their personal worldview, complete with star bucks, when gauging foreign stories
If that happens don't pay, in fact pull a "Ransom of Red Chief" on 'em. The kidnappers will get so sick of their liberal blather they they will pay anything to be shed of them.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.