#84476 - 02/19/10 05:03 PM
Re: Pecunia non olet
[Re: Poehere]
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BarbiJKM
Supreme Advisor
Registered: 02/14/07
Posts: 6042
Loc: Mesa, AZ
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Eperera,
I'd be glad to bring them home with me! I'm sure Poehere and I are going to get-together some time while I'm there!
Poehere,
Wow, that's some news about the Moorea golf course! We never did see anyone actually golfing there, mostly folks hanging out at the bar/restaurant in the clubhouse instead.
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#84480 - 02/20/10 01:11 AM
Re: Pecunia non olet
[Re: Poehere]
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rodjune
Expert Advisor
Registered: 07/08/03
Posts: 1726
Loc: Kalama Valley, HI
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I know of a fellow US pension fund that has invested in hotel properties in FP and they're worried about their investments. With the current tight credit conditions, it may be awhile before institutional investors place investment bets there without some kind of reliable guarantees on minimum returns. I'd love to visit that atoll but only if it were a pension operation, not a large casino resort.
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#84486 - 02/20/10 12:17 PM
Re: Pecunia non olet
[Re: rodjune]
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Poehere
Expert Advisor
Registered: 08/18/07
Posts: 2340
Loc: FP
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With the French central bank already blocking any credit related to tourism investments in FP. Tough tough tough good example is the golf course on Moorea...
He has an average of 17 greenfees a day and needs at least 50 for his break-even... but imagine the "special" for residents of 1 night hotel incl 1 greenfee for 1 person at 47.000 cfp (500 us$!!) excluding transportation to Moorea
But it was never meant to be just the golf course it was a complete complex with villa's and hotel but it looks like to finish the project it is sort of "wrong time wrong place"
_________________________
* with sunshine *
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#84488 - 02/20/10 12:55 PM
Re: Pecunia non olet
[Re: Poehere]
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Patti.
Expert Advisor
Registered: 03/28/04
Posts: 2376
Loc: Las Vegas, NV
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Like so many tourism based investments in the world right now....they just picked the wrong time to open. An upscale hotel and casino out at Lake Las Vegas here in Vegas just announced it's closing next month. A very expensive, very ambitious project to be sure...but with the economy in the toilet, it just couldn't make a go of it. It may be the first of many here in Vegas. More than a few are teetering on the edge of bankruptcy.
Personally I never thought the golf course on Moorea had what it would take to succeed. First off, from what I have heard from those who have played it....it's not scenically that inspiring. If you have a course on an island...golfers want long sweeping shoreline/ocean vistas...and there are not very many holes with ocean (lagoon) frontage or views on that course. Secondly...FP doesn't strike me as a typical golf destination. Too many honeymooners and not enough business meetings. And lastly....the island with the "name", is Bora Bora, NOT Moorea. Many FP visitors are ONLY interested in visiting Bora. So a golf course on another island in the general area is not going to be enough to lure them there instead of Bora Bora.
Now if the hotel had been built at the same time as the golf course...it might have been a different story. BUT...from what I understand the hotel was to be inland, NOT on the shore. Maybe I'm wrong there...but that's what I understood. And...why would people want to stay in a hotel on an island that was not on the water? Being on the water is the reason people come to an island destination.
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#84500 - 02/21/10 03:57 PM
Re: Pecunia non olet
[Re: Patti.]
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Eperera
Member
Registered: 09/25/05
Posts: 159
Loc: Durango, Colorado
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Poehere, The flip flops are model# PUTCM01, Black with tattoo motif. Size 43.
If you can get them without too much hassle, that would be great. Thanks!
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#84592 - 02/25/10 08:16 AM
Re: Pecunia non olet
[Re: Eperera]
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BarbiJKM
Supreme Advisor
Registered: 02/14/07
Posts: 6042
Loc: Mesa, AZ
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News today in Tahiti Presse about Moorea Golf Course:
...........
Tourism : 02/24/2010 at 5:07PM
Bank's $8.2m loan allows Moorea golf course to finance 155-room hotel, developer says
(Tahitipresse) - A 705-million French Pacific franc (US$8.5 milion/5.9m euros) local bank loan will allow the Moorea Green Pearl Golf Course to remain open and begin work on building an onsite 155-room hotel, the developer announced Wednesday.
Jean-Louis Gregori, president of the South Pacific Golf & Resort Development, told French language daily newspaper Les Nouvelles de Tahiti (LNDT) that Tahiti's Banque Socredo had approved the loan Tuesday.
The loan represents 7% of the 10 billion French Pacific franc (US$116m/€84m) cost of the 5-star hotel that LNDT reported last Friday when it said Gregori was faced with closing the golf course at the end of March because he could not obtain necessary financing.
Gregori ended up with a smaller loan than he had originally requested, LNDT indicated. The 705 million French Pacific francs he obtained is 47% of the 1.5 billion French Pacific francs (US$11m/€12.5m) the LNDT reported he initially sought.
The loan approval will protect the 35 golf course employees and create work for at least 400 other people to build the hotel, the newspaper reported.
The first nine holes of the Moorea Green Pearl Golf Course opened on May 12, 2007. It has since become French Polynesia's second 18-hole international course. Australian Noel Ratcliffe shot a 2-under par 162 over three days to win the Moorea course's first international pro-am tournament last March.
The challenging 6,687-yard (6,115-meter) par 70 Moorea course is located next to the ocean and Moorea's dramatic mountains. The course is the work of Nicklaus Design, the privately owned company founded by American golf legend Jack Nicklaus.
The only other French Polynesia course is the 6,950-yard (6,355-meter) part 72 Olivier Bréaud International Golf Course located 25 miles (40.2 kms) from Papeete in Tahiti's south coast Commune of Papara. This course opened in 1968 and has recently opened a nine-hole practice course.
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#84992 - 03/26/10 01:34 AM
Re: Pecunia non olet
[Re: Eperera]
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Poehere
Expert Advisor
Registered: 08/18/07
Posts: 2340
Loc: FP
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Hi Eperera, I went to their warehouse today and if all goes well I should be able to pick them up tomorrow and hand them over to Barbi on Sunday... BTW they went down in price, "only" 2000 cfp
_________________________
* with sunshine *
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#84994 - 03/26/10 06:53 AM
Re: Pecunia non olet
[Re: Poehere]
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Eperera
Member
Registered: 09/25/05
Posts: 159
Loc: Durango, Colorado
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Excellent! Thank you very much, Poehere!
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#84999 - 03/27/10 11:06 AM
Re: Pecunia non olet
[Re: Eperera]
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BarbiJKM
Supreme Advisor
Registered: 02/14/07
Posts: 6042
Loc: Mesa, AZ
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Poehere, I'll pay you in Tahitian cash, and get reimbursed by Eperera when I get back to the USA next week and can mail them to her.
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#85000 - 03/27/10 12:46 PM
Re: Pecunia non olet
[Re: BarbiJKM]
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Eperera
Member
Registered: 09/25/05
Posts: 159
Loc: Durango, Colorado
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That would be great, Barbi. Thank you very much!!! Do you think you could also please find a large Hinano Girl sticker for us? (winter has taken its toll on the one on Hubby's car). Only if it is convenient!
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