by Al Aqariya » Mon Jun 14, 2010 8:02 pm
I totally agree with kenz, Frenchy and others who share this view.
I never heard of a development being delivered on time.
There is always delay. When i signed in 2007 i kept this in mind that it was certainly going to be a year later than promised as i had other similar experiences in morocco. This way i had no false expectations for my self. I still believe that if the crisis was not in the middle they would certainly have performed better. It could have been different i dont have to explain it, just think of all defaults we heard of the last few years.
Burt now, don't get me wrong i agree that we must persue quality as promised. But we also have to be realistic and see that they are doing their best to deliver and manage a company with less cashflow than projected at the start of this project. Furthermore i'm glad that the damage has occurred at an early stage and not years after. For now I'm glad that it is progressing even at a slow pace.
With regard to the unsold Hotel, this is not a unique situation. Other developments in this area for example Marina Beach and Sania Plage both already finished but both with unsold hotels, for more than 4 years. I dont know what the status is at this moment. But certainly not managed by an operator.
this situation is at this moment typical for tamuda bay area. First there have to be big entries in the tourist hospitality market than the smaller hotels will pop up in the area. At this moment there are only 3 serious/ luxery accomodations on this coastline 2 club med facilities and one hotel in Marina smir which used to be managed by accor hotels and begin this year changed to Barcelo. So tamuda bay is really still not a developed tourist destination. the pace it was going was promissing now it slowed down is not to blame to addoha/fadesa it is the current market condition.
But i still remain positive (google ritz-carlton tamuda bay) it shows a plan for a spectacular ritz carlton facility aroud the corner from alcudia. Now that looks promissing but first you have to be patience. the peolpe who invested to enjoy this area will be rewarded in the end but the people who invested purely for speculation are now not having the luck. But that is around the globe the situation so again you can't blaime someone else, there is always a risk, only it was forgotten that risks still existed.
Do well to reflect and ask yourself why am I investing there and look at the real reasons that your plans are thwarted and keep in mind what a vision and a mission of a company would be, certainly not failing!
YB