Ground Lease Finalized For Desarrollos Hotelco Project on Bermuda

This Wednesday we finalized the ground lease for the St. Regis Hotel Project on Bermuda. 

Below the news:

“The Bermuda Government and Desarrollos Hotel Group have finalized the hotel ground lease that paves the way for the ground breaking of the $150 million St. Regis Luxury Development,” Premier Michael Dunkley announced this Wednesday.

Speaking at a press conference, the Premier said, “On October 20th last year, we announced that the Bermuda Government and the Desarrollos Hotelco Group had finalized the Master Development Agreement for the St. George’s tourism development site"




“It is very clear that this project will generate jobs in both construction, and when the resort is operational in a few years time.

“The development plans for the 124 acre site include a 122 room St. Regis Hotel, a spa, a renovated St. George’s golf course, residential condominium buildings and a casino.”

This information was taken from the Bernews: http://bernews.com/2016/03/st-georges-hotel/

Allegations dropped against Walter Stipa and his Entities

The Royal Gazette, a Bermudian English-language daily newspaper, published a news on December 3 of 2015 indicating that the allegations against Walter Stipa and his entities were dropped.


Below quote from the news:

"However according to Connecticut court documents dated November 30, lawyer Ona Wang voluntarily dismissed the defendants.

In a separate letter, the lawyer explained: “The receiver’s actions against Mr Stipa and the entities were voluntarily dismissed with prejudice with no party being deemed a prevailing party under any contract or statute for any purpose. Consequently, the receiver has no claims against Mr Stipa or any of the entities." 

Below link to the news:





News The Royal Gazette - Walter Stipa lawsuit dismissed

Walter Luciano Stipa - Lawsuit Dismissed

 BakerHostetler

Baker&Hostetier LLP

45 Rockefeller Plaza

New York, NY 10111

November 25, 2015

Re.     Carney v. Stipa, et al, No. 14-cv-00925 (D. Conn.)

To Whom It May Concern:

On September 1, 2015, I filed a First Amended Complaint in Carney v. Stipa, et al., No.3:14-cv-925 (SRU) (D. Conn.), on behalf of John J. Carney, the court-appointed Receiver for the Michael Kenwood Group, LLC and certain affiliated entities, which named Walter Luciano Stipa Sprecase and various entities, including, Desarrollos Newco 22, C.A., Desarrollos Hotelco Corporation Curacao Holding N.V., Desarollos Hotelco Corparation Aruba Holding N.V., Desarrollos Hotelco Codporation DHC Aruba N.V., and Desarrollos Hotelco Corparation Aruba Holding C.A. ("Entitites") as defendatns.

The Receiver's actions against Mr. Stipa and the Entities were voluntarily dismissed with prejudice, with no party being deemed a prevailing party under any contract or statute or for any purpose. Consequently, the Receiver has no claims against Mr. Stipa or any of the Entities.

Although the First Amended Complaint alleges in great detail the fraudulent Ponzi scheme operated and managed by Francisco Illarramendi through his control of the Receivership Entities, it did not include any allegations suggesting that Mr. Stipa or any of the Entities had any involvement in Illarramendi's scheme. The Receiver's notice of dismissal is attached for your reference.

Dowload the Letter here!!!