WILLEMSTAD - The iconic Mullet Bay property on Sint Maarten, owned by SunResorts Ltd. and a major asset of financially troubled insurer Ennia, is now ready for sale. Approval for the sale was granted at a recent shareholders' meeting held at the Central Bank of Curaçao and Sint Maarten (CBCS). Although Parman International, which previously held the property, once valued it at 770 million Antillean guilders, the CBCS estimates its worth at 90 million, a valuation that directly impacts Ennia’s financial stability and the security of its approximately 30,000 policyholders.
The CBCS took control of SunResorts Ltd. under emergency measures in 2022 to stabilize Ennia’s finances after it faced major solvency and liquidity issues. These troubles are largely attributed to large withdrawals, which especially impacted Ennia’s life insurance branch, ECL. As part of this restructuring, the CBCS removed former owner and director Hushang Ansary, who had resisted providing financial support for Ennia.
The 67.7-hectare Mullet Bay property, which includes around 40 hectares of golf course and coastal land, has remained mostly undeveloped since suffering significant damage from Hurricane Luis in 1995. Sint Maarten’s government has negotiated a “matching right” for the land, allowing the island to purchase it at the highest bid price plus five percent if there is local interest.
SunResorts’ leadership is now preparing for a public sale, with several interested parties already expressing interest. The sale will not only impact the landscape of Sint Maarten but also play a critical role in Ennia’s efforts to regain financial stability and secure the interests of its policyholders.