Meritage Hospitality Receives Gov't Approval on Two Eleuthera Oceanfront Development Sites

Meritage Hospitality Group Inc. (PINKSHEETS: MHGU), announced on Wednesday, January 9th that its wholly owned subsidiary, Meritage Hospitality Bahamas, Ltd., has received "Investment Approvals in Principal" from the Government of the Bahamas, to acquire two oceanfront sites for residential resort development.

Plans for this development, to be located in  Rock Sound,  were initially announced in August of 2006 by the Michigan based group and site plan schematics are shown online at http://www.meritagehospitality.com/international.html. According to their website, the project is anticipated as consisting primarily of pre-sell condominium hotel investment units to be offered through Marcus & Millichap, a real estate investment brokerage company headquartered in New York City.

In a press release, the company said that the purchase of both properties is conditioned upon approvals from the Bahamian government and the closing of a larger and separate 884-acre parcel development on South Eleuthera for a large-scale destination resort community. The 884-acre development has also received an "Investment Approval in Principal" from the National Economic Council, and is awaiting the final documentation from the Ministry of Works on various rights, titles and interests necessary to complete the permit documentation.

Meritage's CEO, Robert E. Schermer, Jr., expressed delight and appreciation in receiving the approval, "Today it may be difficult to fully appreciate the intrinsic value in our development approvals and entitlements. We have obtained site plans, environmental assessments, surveys, market feasibility reviews, schematic designs, architectural plans, land planning and title commitments for these developments. Both Rock Sound Bay and Northside Beach are designed to provide affordable resort accommodations, and will also provide, in the near term, affordable accommodations to support the pending development of the 884-acre development." he said.

Copyright, Spice Media Group 2008-2011.

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