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Time Equities Inc. Acquires Altamer Resort in Shoal Bay West, Anguilla

New Ownership Plans Renovations at Famed Myron Goldfinger-designed Luxury Villas.

Wednesday, June 18, 2014
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Time Equities Inc. announces today that the company has acquired Altamer Resort in Shoal Bay West, Anguilla.

The boutique resort, designed by acclaimed architect Myron Goldfinger, comprises three luxurious beachfront villas, a conference center, a beachfront restaurant space, as well as 42 acres of undeveloped land and the rights to develop a marina adjacent to the property.

Led by visionary developer Francis Greenburger, a frequent visitor to Anguilla for more than 15 years, Time Equities plans to renovate, refurbish and reposition the existing villas, which total nearly 40,000 square feet, and continue to operate the resort as a best-in-class boutique villa resort. Altamer will continue to be managed by the existing Anguilla-based team, led by Carl Irish, and will remain available for rent as individual villas or altogether for both private and corporate stays and events.

In addition, Time Equities plans to convert the former restaurant space into an additional four-bedroom villa, renovate and upgrade the conference center and launch a new website for the resort. The New York-based firm will also begin searching for a joint venture partner to develop and operate a marina adjacent to the site.

“The Caribbean is booming again and provides an incredible opportunity for real estate development today—particularly in Anguilla which has seen a surge of economic prosperity and demand from the global jet-set community,” said Francis Greenburger, founder and chairman of TEI. “The acquisition of Altamer furthers our commitment to expanding Time Equities’ international footprint.”

Designed by renowned architect Myron Goldfinger in 1997, Altamer’s three beachfront villas – Russian Amethyst, Brazilian Emerald and African Sapphire – are sculpturally significant, each showcasing a distinct geometric style characteristic of Goldfinger’s work.

Altamer Resort is located on Shoal Bay West, consistently named one of the best beaches in the world and home to many of Anguilla’s most luxurious villas and upscale restaurants. The pristine two-mile beach, frequented by celebrities such as Denzel Washington, Robert Downey, Jr. and Charlize Theron, is also a popular destination for water sports, including snorkeling, kayaking, diving and sailing and offers panoramic vistas of nearby St. Maarten.

The island of Anguilla is an overseas territory of the United Kingdom and spans 35 square miles featuring 33 white sand beaches. The island is known for its multi-cultural cuisine, its national sport of sailing and a refined exclusivity that remains intact despite its proximity to the highly trafficked St. Maarten. The island of Anguilla is accessible via scheduled flights, private jet or boat transfer from St. Maarten. Daily direct flights from Miami to St. Maarten are approximately 3.5 hours with flights from New York City averaging 4.5 hours.

About Time Equities Inc.
Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 45 years. With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 20 million square feet of residential, industrial, office and retail property. For more information, please visit www.timeequities.com.

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