Humber Valley Resort Corporation Newfoundland Travel and

Transcription

Humber Valley Resort Corporation
Newfoundland Travel and Tourism Corporation
Humber Valley Construction Limited
Humber Valley Interiors Limited
Information package
Humber Valley Resort Corporation et al
Information package
4 February 2009
Sale by tender
Humber Valley Resort Corporation, Newfoundland Travel and Tourism Corporation, Humber Valley
Construction Limited and Humber Valley Interiors Limited (collectively referred to as the “Resort”),
filed assignments in bankruptcy on 5 December 2008. Ernst & Young Inc. consented to act as Trustee
(the “Trustee”) of the estates which appointment was subsequently affirmed at the First Meeting of
Creditors on 7 January 2009.
The Trustee hereby solicits tenders for the purchase of the Resort’s assets. Tenders are to be received
by the undersigned no later than 12 o’clock noon (Newfoundland Standard Time) on 6 March 2009.
We have enclosed a detailed description of the assets offered for sale and the terms and conditions
relating to their purchase. Appointments to view the assets can be made by contacting Mr. Neil Jones
at 902 421 6267.
The information contained in this package is provided for information purposes only and should not
be relied upon by tenderers submitting tenders.
Yours very truly,
ERNST & YOUNG INC.
Trustee in Bankruptcy for
Humber Valley Resort Corporation,
Newfoundland Travel and Tourism Corporation,
Humber Valley Construction Limited and Humber Valley Interiors Limited
Per:
George Kinsman, CAyCIRP
Senior Vice President
Ernst & Young | 1
Information package
4 February 2009
Table of contents
Page
Sale by tender.............................................................................................................................. 3
Conditions of sale......................................................................................................................... 4
Schedule A - Form of tender.......................................................................................................... 9
Detailed parcel listing – 4 February 2009 ..................................................................................... 12
Executive summary .................................................................................................................... 13
Various historical marketing publications ..................................................................................... 18
Appendix 1 – Humber Valley Resort River Course (Championship Golf Course) ..................... 49
Appendix 2 – Eagles Perch Golf Club House ....................................................................... 59
Appendix 3 – Various Land Lots ....................................................................................... 65
Appendix 4 - Beach House ............................................................................................... 82
Appendix 5 – Administration and Storage Facilities (land and buildings) ............................... 88
Appendix 6 - Strawberry Hill Resort.................................................................................. 95
Appendix 7 – Forest Park Condominium Units.................................................................. 101
Ernst & Young | 2
Information package
4 February 2009
Sale by tender
Assets of the Resort
(Located at Humber Valley, Newfoundland and Labrador)
Sealed tenders will be received by the undersigned until 12 o’clock noon (Newfoundland Standard
Time) on Friday, 6 March 2009 for the purchase of the following assets:
Appendix 1
Humber Valley Resort River Course (Championship Golf Course)
Appendix 2
Eagles Perch Golf Club House
Appendix 3
Various Land Lots (Development Lots / Driving Range)
Appendix 4
Beach House
Appendix 5
Administration and Storage Facilities (Land and Buildings)
Appendix 6
Strawberry Hill Resort
Appendix 7
Forest Park Condominium Units
The highest or any offer will not necessarily be accepted.
Tenders must be accompanied by a certified cheque payable to Ernst & Young Inc. for 15% of the
amount of the offer price as a deposit which will be refunded if the offer is not accepted and forfeited
to the undersigned on account of liquidated damages if the offer is accepted and the sale is not
completed by the offerer. The balance of the offer price will be payable by certified cheque or bank
draft on closing. Tenders may be made for individual parcels or en bloc, but en bloc offers must
stipulate a separate price for each parcel.
Tenders will only be accepted in sealed envelopes, clearly marked "Tender – Humber Valley".
All tenders shall be subject to the Conditions of Sale, which shall form part thereof and may be
obtained from the undersigned.
A more detailed description of the assets, appointments for viewing or further information may be
obtained by contacting Mr. Neil Jones at 902 421 6267.
Ernst & Young Inc.
1959 Upper Water Street, Suite 1301
Halifax NS B3J 3N2
Canada
Ernst & Young | 3
Information package
4 February 2009
Conditions of sale
1.
The Vendor is Ernst & Young Inc., acting in capacity as Trustee in Bankruptcy of Humber Valley
Resort Corporation, Newfoundland Travel and Tourism Corporation, Humber Valley Construction
Limited and Humber Valley Interiors Limited.
2.
The Vendor is selling its right, title and interest, if any, in the following assets pursuant to these
Conditions of Sale for the following parcels:
Appendix 1
Appendix 2
Appendix 3
Various Land Lots (Development Lots / Driving Range)
Appendix 4
Beach House
Appendix 5
Appendix 6
Appendix 7
3.
Listings of the parcels are attached as Appendices 1-7. Such lists and any other material or
information provided to prospective tenderers relating to the assets have been prepared solely
for the convenience of prospective tenderers and are not warranted to be complete or accurate
and do not form part of these Conditions of Sale. Every tenderer shall be deemed to have relied
on its own inspection and investigation of the assets and the title thereto.
4.
Tenders will be for a fixed amount and there will be no adjustments of any kind except as
specifically set out in these Conditions of Sale.
5.
Sealed tenders marked “Tender – Humber Valley” shall be delivered or mailed postage prepaid to
Ernst & Young Inc., 13th Floor, Purdy’s Wharf, Tower I, 1959 Upper Water Street, Halifax, Nova
Scotia, B3J 3N2, Canada; to the attention of Mr. Neil Jones, CA, so as to be received before 12
o’clock noon (Newfoundland Standard Time) on 6 March 2009, at which time tenders will be
opened.
6.
Every tender submitted should be in the Form of tender attached hereto as Schedule “A”, but
may contain proposals for amending the Conditions of Sale; however, a tenderer seeking to
amend the Conditions of Sale or tenders received that are not on the attached form may, at the
sole discretion of the Vendor, be rejected.
7.
Tenders may be made for individual parcels or en bloc for Parcels 1-7, but en bloc tenders must
stipulate a separate price for each parcel. Tenders submitted for more than one parcel will be
considered as a separate tender for each parcel unless the tenderer specifically states that the
acceptance of one parcel is conditional upon the acceptance of one or more other parcels.
8.
Prospective purchasers are advised that the Estate assets include various construction,
recreation, and IT equipment in addition to an inventory of vehicles which are not being offered
Ernst & Young | 4
Information package
4 February 2009
for sale through this tender process. In the event that all or substantially all of the Estate assets
are sold to a single en bloc bidder, the Trustee is prepared to negotiate with the successful bidder
for the sale of the additional Estate assets. A complete listing of the additional Estate assets, not
included as part of this tender, can be obtained directly from the Trustee.
9.
Proposals from auctioneers to auction any of the parcels on behalf of the Vendor containing a
guaranteed minimum net return to the Vendor will be considered.
10. The closing of the Agreement or Agreements of Purchase and Sale formed by the acceptance of a
tender shall take place at the office of the Vendor at Purdy's Wharf Tower I, 1959 Upper Water
Street, Halifax, NS B3J 3N2, or such other place as the Vendor may designate; at one o’clock in
the afternoon (Newfoundland Standard Time) on the closing date defined in paragraph 11 hereof.
11. Each tenderer shall, with its tender, deliver to the Vendor a certified cheque or bank draft payable
to Ernst & Young Inc. for fifteen percent (15%) of the aggregate tendered price (the “Purchase
Price”). If the tender is accepted, said monies shall be a cash deposit and the successful
tenderer(s) (hereinafter called the “Purchaser”) shall pay the balance of the Purchase Price to the
Vendor, in cash, by certified cheque or bank draft, without interest, on 14 April 2009, unless
some other date is mutually agreed upon by the Vendor and the Purchaser (hereinafter called the
“Closing Date”).
12. Certified cheques or bank drafts accompanying tenders that are not accepted will be returned to
the tenderer by registered mail addressed to the tenderer at the address set out in its tender, or
made available for pick-up not later than ten (10) days following the opening of tenders, unless
otherwise arranged with the tenderer.
13. If any tender is accepted by the Vendor, then such acceptance shall be communicated to the
Purchaser within ten (10) days of the opening of the tenders by notice in writing sent by the
Vendor to the Purchaser at the address set forth in its tender, such notice to be given by prepaid
registered mail, telegram, facsimile, email or personal delivery and to be deemed effectively
given when deposited in the post office or telegraph office, when personally delivered, or when
sent by facsimile or email, as the case may be.
14. When a tender for any parcel(s) is accepted, the terms of the advertised Notice of Sale by Tender,
the tender and the acceptance thereof, and these Conditions of Sale shall constitute the entire
agreement of purchase and sale (hereinafter called the “Agreement of Purchase and Sale”),
between the Purchaser and the Vendor with respect to such parcel(s) (hereinafter referred to as
the “Purchased Property”).
15. Upon closing of the sale contemplated by the Agreement of Purchase and Sale, the Purchaser
shall be entitled, upon receipt by the Vendor of the Purchase Price, only to such Trustee’s Deed,
Bill of Sale or Assignments as may be considered necessary by the Vendor to convey the
Vendor’s interest in the Purchased Property to the Purchaser. Any such deed, bills of sale or
assignments shall contain only a release of the Vendor’s interest in the Purchased Property and
shall not contain any covenant, warranty or representation other than a covenant that the
Vendor has done no act to encumber the Purchased Property.
16. The Purchaser shall pay on closing, in addition to the Purchase Price, and shall, with respect to
any liability therefore, indemnify and save harmless the Vendor from:
Ernst & Young | 5
Information package
4 February 2009
a)
all applicable Federal and Provincial taxes arising on the sale and payable by the
Purchaser including, without restriction, taxes under the Retail Sales Act (Newfoundland
and Labrador), Health and Post-Secondary Education Tax Act (Newfoundland and
Labrador) and Excise Tax Act (Canada);
b)
costs, if any, of dismantling or removing the Purchased Property from its present location
and restoring such location to a neat and clean condition;
c)
the cost of repairing any damage caused by the removal of the Purchased Property from
its present location, such that the building or site is restored to its original condition.
17. The Vendor shall not be required to produce any tax certificate, clearance certificate, abstract of
title or documents or copies thereof or any evidence as to title, other than those in its actual
possession.
18. The obligation of the Vendor to sell, and of the Purchaser to purchase, the Purchased Property
shall, at the option of the Vendor, terminate in the event that, prior to the closing date of the
sale, the Purchased Property is substantially destroyed by fire, flood, the elements, government
action, or civil commotion or any other external cause beyond the control of the Vendor. Such
option to terminate by the Vendor shall be exercised by giving notice in writing to the Purchaser
that it intends to take the proceeds, if any, payable under any existing insurance policies and
terminate the Agreement of Purchase and Sale. In such event, the Agreement of Purchase and
Sale shall automatically terminate and be deemed null and void and the deposit money shall be
returned to the Purchaser without interest, cost, compensation or deduction and no party shall
be liable to another for any costs or damages whatsoever. If the Vendor does not exercise such
option, the Purchaser, at his option may complete the Agreement of Purchase and Sale, such
option to be exercised, in writing, within seven (7) days after notice to the Purchaser that the
Vendor does not intend to exercise its option to terminate. In such event, the Purchaser shall be
entitled only to an assignment of any proceeds payable under the existing insurance policies and
transfer of any remaining Purchased Property in full settlement of the Vendor’s obligations to
repair or replace the damaged assets and in full satisfaction of this Agreement of Purchase and
Sale. If the Purchaser does not exercise his option, the Agreement of Purchase and Sale shall be
automatically terminated and deemed null and void and the deposit money shall be refunded to
the Purchaser without interest, costs, compensation or deduction and neither party shall be liable
to the other for any costs or damages whatsoever.
19. The Vendor shall remain in possession of the Purchased Property until the Purchase Price thereof
has been paid in full.
20. If the Purchaser of any parcel(s) fails to comply with these Conditions of Sale, the deposit shall be
forfeited to the Vendor on account of liquidated damages and such parcel(s) may be resold by the
Vendor and the Purchaser shall pay to the Vendor (i) an amount equal to the amount, if any, by
which the Purchase Price under the Agreement of Purchase and Sale exceeds the net purchase
price received by the Vendor pursuant to such resale; and (ii) an amount equal to all costs and
expenses incurred by the Vendor in respect of or occasioned by the Purchaser’s failure to comply
with the Agreement of Purchase and Sale.
21. By submitting a tender, a Purchaser acknowledges that it has inspected the Purchased Property
and that the Purchased Property is sold on an “as is, where is” basis at the time of closing and
that no representation, warranty or condition is expressed or implied as to title, description,
Ernst & Young | 6
Information package
4 February 2009
fitness for purpose, merchantability, quantity, condition, cost, or quality thereof or compliance of
the Purchased Property with environmental laws and requirements, or in respect of any other
matter or thing whatsoever. Without limitation, all parcels are specifically offered as they exist
on closing and with no adjustments to be allowed to the Purchaser for changes in conditions,
qualities or quantities of such parcels from the date hereof to the Closing Date. Each Purchaser
acknowledges that the Vendor is not required to inspect or count, or provide any inspection or
counting of the Purchased Property or any part thereof and each Purchaser shall be deemed to
have relied entirely on its own inspection and investigation including an independent investigation
by the Purchaser of current and past uses of the Purchased Property to satisfy the Purchaser as
to the effects of any environmental laws, regulations or requirements upon the Purchased
Property or the transfer by the Vendor to the Purchaser of the Purchased Property. It shall be
the Purchaser’s sole responsibility to obtain, at its own expense, any consent to such transfer and
any further documents or assurances which are necessary or desirable in the circumstances.
22. Ernst & Young Inc., acting in its capacity as Trustee in Bankruptcy, shall have no personal or
corporate liability hereunder or from any Agreement of Purchase and Sale contemplated hereby
or as a result of any sale contemplated hereby.
23. The highest, or any tender, will not necessarily be accepted. Each tenderer agrees that the
Vendor shall be entitled to accept whichever tender, if any, the Vendor, in its sole unrestricted
discretion, considers to be the most advantageous. Each tenderer further agrees that the Vendor
shall have the unfettered right to discuss and clarify any tender with the tenderer.
24. In the event that a tenderer submits an acceptable en-bloc offer for all or substantially all of the
assets included in Parcels 1 through 7 inclusive, pursuant to Paragraph 6 of the Form of tender,
that tenderer shall have the right to negotiate with the Trustee, prior to completion of the
purchase of such assets, for the purchase of the Trustee's right, title and interest in all remaining
assets of the estate including but not limited to the Resort infrastructure (water distribution
system and water rights, roadways, bridges, communication infrastructure, etc.).
25. In consideration of the Vendor making available to tenderers these Conditions of Sale, any other
information, and the opportunity of inspection, and/or in consideration of receiving and
considering any tender to be submitted hereunder, each tenderer agrees that its tender is
irrevocable and cannot be retracted, withdrawn, varied or countermanded prior to acceptance or
rejection thereof.
26. In the event that some of the tenders are substantially in the same terms and/or amounts as
determined by the Vendor, the Vendor may, in its sole discretion, call upon those tenderers to retender to the Trustee for its final consideration. Each tenderer is in agreement that the re-tender
contemplated under this section is a fair and reasonable manner of proceeding in the case of
tenders in substantially the same terms and/or amounts.
27. The Vendor, at its discretion, may waive or vary any or all of the Terms and Conditions hereof or
its Notice of Sale by Tender.
28. The terms and conditions contained herein shall not merge on closing unless otherwise provided
for in writing between the parties.
Ernst & Young | 7
Information package
4 February 2009
29. The Purchaser shall submit to the Vendor all proposed advertisement(s) which make references
to the purchase from the Vendor which it intends to make concerning any resale of the Purchased
Property. Such advertisement(s) will not be placed without the Vendor’s prior written approval,
such approval not to be unreasonably withheld.
30. The validity and interpretation of these Conditions of Sale, and each provision and part thereof
and of the Agreement of Purchase and Sale defined herein, shall be governed by the laws of the
Province of Newfoundland and Labrador and the Courts of the Province of Newfoundland and
Labrador shall have exclusive jurisdiction with respect to any dispute arising out of these
Conditions of Sale or any Agreement of Purchase and Sale entered into pursuant hereto.
31. This Agreement shall ensure to the benefit of and be binding upon the parties thereto, and their
respective heirs, executors, administrators, successors or assigns as the case may be.
32. All stipulations as to time are strictly of the essence.
33. Any tender of documents or money hereunder may be made upon the Vendor or the Purchaser,
or their respective solicitors.
34. The Purchaser shall assume, at the Purchaser’s cost, complete responsibility for compliance with
all laws, municipal, provincial or federal insofar as the same apply to the Purchased Property and
the use thereof by the Purchaser.
35. The Purchaser(s) agree(s) to accept title to any real property subject to work orders, municipal
requirements, including building or zoning by-laws and regulations, easements for hydro, gas,
telephone or any other utility affecting the Purchased Property, like services to the Purchased
Property, and restrictions and/or covenants which run with the land.
36. The Purchaser shall arrange its own insurance and there shall be no adjustment of insurance.
The Vendor assumes no responsibility or liability for, and shall not be required to discharge or
adjust for any taxes, assessments, rates, liens, or other liabilities which do not, by law, form a
specific lien or charge upon or against the Purchased Property in priority to the interest being
conveyed.
37. The Vendor reserves the right to withdraw any parcel or any part thereof on or before the Closing
Date if there is any actual, threatened or anticipated litigation with respect to any parcel, or if any
parcel has been redeemed or if the security under which the Vendor was appointed is deemed
invalid. If the Vendor exercises the right, the Agreement of Purchase and Sale affecting such
parcel(s) shall be automatically terminated and deemed null and void and the deposit money shall
be refunded to the Purchaser without interest, costs, compensation or deduction and neither
party shall be liable to the other for any costs or damages whatsoever.
DATED at Halifax, Nova Scotia this 4th day of February 2009.
Ernst & Young Inc.
Ernst & Young | 8
Information package
4 February 2009
Schedule A - Form of tender
To:
Ernst & Young Inc.
1959 Upper Water Street, 13th Floor
Halifax NS B3J 3N2
Attention: Mr. Neil Jones, CA
1.
_____________________________
(Name of Tenderer)
2. ____________________________
(Address of Tenderer)
3.
_____________________________
(Telephone Number)
4. ____________________________
(Facsimile Number)
5.
I/We hereby submit this tender for the purchase of the parcel indicated below.
Parcel 1
$_________________________________________________________________ (Cdn.)
Parcel 2
$_________________________________________________________________ (Cdn.)
Parcel 3
Parcel 3A
Various Land Lots (Development Lands / Driving Range)
Driving Range Lands
$__________________________________________ (Cdn.)
Parcel 3B
Lot 31
$__________________________________________ (Cdn.)
Parcel 3C
Lot 58
$__________________________________________ (Cdn.)
Parcel 3D
Lot 99
$__________________________________________ (Cdn.)
Ernst & Young | 9
Information package
4 February 2009
Parcel 3e
Lot 154
$__________________________________________ (Cdn.)
Parcel 3F
Lot 300
$__________________________________________ (Cdn.)
Parcel 3G
Lot 300A
$__________________________________________ (Cdn.)
Parcel 3H
Lot 355
$__________________________________________ (Cdn.)
Parcel 3I
Lot 397
$__________________________________________ (Cdn.)
Parcel 3J
Lot 406
$__________________________________________ (Cdn.)
Parcel 3K
Lot 407
$__________________________________________ (Cdn.)
Parcel 3L
Lot 408
$__________________________________________ (Cdn.)
Parcel 3M
Lot 444
$__________________________________________ (Cdn.)
Parcel 3N
En bloc for any two or more sub parcels of Parcel 3
$__________________________________________ (Cdn.)
Parcel 4
Beach House
$_________________________________________________________________ (Cdn.)
Parcel 5
$_________________________________________________________________ (Cdn.)
Parcel 6
$_________________________________________________________________ (Cdn.)
Ernst & Young | 10
Information package
4 February 2009
Parcel 7
Parcel 7A
Condo Unit 100
$__________________________________________ (Cdn.)
Parcel 7B
Condo Unit 102
$__________________________________________ (Cdn.)
Parcel 7C
Condo Unit 200
$__________________________________________ (Cdn.)
Parcel 7D
Condo Unit 201
$__________________________________________ (Cdn.)
Parcel 7E
Condo Unit 203
$__________________________________________ (Cdn.)
Parcel 7F
En bloc offer for any two or more sub-parcels of Parcel 7
$__________________________________________ (Cdn.)
6.
This tender is an en bloc tender with respect to the following listed parcels or sub-parcels (i.e.,
Vendor can accept all, but not less than all of the tenders for the following parcels or subparcels):
_________________________________________________________
Total amount of our/my “en bloc” tender is:
_________________________________________________________
7.
We/I agree, in the event this tender is accepted, to be bound by the Conditions of Sale dated 4
February 2009, in connection with the above Company which shall form part of this tender.
8.
This tender and offer is irrevocable.
9.
Enclosed is our/my bank draft payable to Ernst & Young Inc., Trustee in Bankruptcy for
Humber Valley as a deposit in the amount of $
, representing 15% of the total
amount of our/my tender submitted herein.
DATED
at
this
____________________________________
Witness
day of
____________________________________
(Signature)
(If Tenderer is a corporation, the corporate seal must be affixed).
Ernst & Young | 11
2009.
Information package
4 February 2009
Detailed parcel listing – 4 February 2009
Appendix 1
Description of parcel 1
(Humber Valley Resort River Course [Championship Golf Course])
Appendix 2
(Eagles Perch Golf Club House)
Appendix 3
(Various Land Lots [Development Lots / Driving Range])
Appendix 4
(Beach House)
Appendix 5
(Administration and Storage Facilities [Land and Buildings])
Appendix 6
(Strawberry Hill Resort)
Appendix 7
(Forest Park Condominium Units)
Ernst & Young | 12
Information package
4 February 2009
Executive summary
Humber Valley Resort opened in December 2003 for chalet owner vacations and officially opened to
the international holiday market during the 2004/2005 winter season. Located in the Appalachian
Mountain range on the northern bank of the Humber River and Deer Lake in western Newfoundland and
Labrador, Canada’s most easterly province, the Resort lands cover an area of approximately 600
acres, on which approximately 240 privately owned three- to six-bedroom chalets have been built (the
privately owned chalets do not form part of this tender package).
The Resort infrastructure and surrounding activity operators offer resident land owners and
vacationing guests an exclusive, outdoor adventure destination with activities for all seasons including
golf, salmon fishing, hiking, a wide variety of water sports, snowmobile riding, cross country skiing,
alpine skiing and snowboarding at nearby Marble Mountain.
On 1 June 2006, the Humber Valley Resort River Course, an 18 hole award winning championship golf
course opened for play. The River Course and the 17,000 square foot Eagles Perch Golf Club House,
housing a restaurant, bar, pro shop and conference facilities, in conjunction with the Beach House
restaurant and bar, were the cornerstone assets of the Resort. This infrastructure, combined with the
magnificent beauty of the natural landscape at the Resort and the wide array of four season activities,
combined to successfully attract investors and visitors to the property.
Humber Valley Resort is accessible by commercial airlines (Air Canada) as part of a daily schedule
between London (Heathrow) and Halifax, Montreal or Toronto, where a number of scheduled connector
flights to Deer Lake may be chosen. Seasonal direct flights to Halifax, Montreal and Toronto operate
from the UK and Ireland. Deer Lake airport is located within a 20 minute drive to the Resort.
Infrastructure services
The Resort lands are not located within a municipality boundary. Consequently, the cost of
maintaining the public areas, road maintenance, snow clearing, resort security, rubbish collection and
water distribution system were historically provided by the Resort management and recovered through
Resort fees charged to the Resort’s land owners. Post bankruptcy, an association of the resident land
owners (the “Home Owners Association”) has assumed responsibility for providing these services at
the Resort. The Home Owners Association and the Trustee have had positive preliminary discussions
with the Municipalities of Corner Brook and Pasadena on expanding their respective service
jurisdictions to include the Resort. Each municipality has expressed an interest in continuing to
investigate the issue further with the Home Owners Association and/or any prospective purchaser of
these assets.
It remains uncertain if these services will, in the future, continue to be delivered by the Home Owners
Association or if a municipality will assume responsibility for the services in consideration of the land
owners being assessed and taxed at municipal service rates. Notwithstanding the uncertainly over how
these services will be provided in the future, prospective purchasers are advised that the Home Owners
Association and the Trustee are agreeable to enter into discussions with prospective purchasers to
determine how the future provision of Resort services is best achieved.
Ernst & Young | 13
Information package
4 February 2009
Potential expansion opportunity
Prospective purchasers are advised that the Estate previously held a leasehold interest in certain
adjoining lands surrounding the Resort property (the “Expansion Lands”) which were subject to a lease
agreement between the Resort and Her Majesty in Right of Newfoundland and Labrador (the “Crown”).
The Expansion Lands covered an area of approximately 1,600 acres, on which the Resort had
developmental plans to subdivide and construct additional privately-owned chalets, hotels and a
second golf course upon. The Crown has advised the Trustee that it considers the lease of the
Expansion Lands to be null and void due to the Resort’s failure to pay annual rent in accordance with
the terms of the lease. Consequently, the Estate assets do not include a leasehold interest in the
Expansion Lands, which could be assigned to a prospective buyer.
The Crown has advised the Trustee that it remains open to consider developmental proposals of the
Expansion Lands or parts thereof from potential investors; however, any such proposal would be
subject to the Crown’s evaluation criteria, as required.
In addition, prospective developers are encouraged to review the Resort Property Investment Tax
Credit Regulations of Newfoundland program. In 2007, the Province of Newfoundland and Labrador
announced the establishment of a 45 percent resort property investment tax credit program designed
to encourage individuals and corporations based in the province to invest in selected tourist resort
properties. Certain restrictions apply to developers wishing to qualify under the program.
These background details are provided for informational purposes only.
Ernst & Young | 14
Information package
4 February 2009
Current resort area (red border)
Ernst & Young | 15
Information package
4 February 2009
Conceptual design of Expansion Lands (Phase II)
Ernst & Young | 16
Information package
4 February 2009
Conceptual design of Expansion Lands (Phase III)
Ernst & Young | 17
Information package
4 February 2009
Various historical marketing publications
The following publications were previously distributed by the former Resort management as part of
their marketing materials to attract investors and guests to the property. This information is being
provided to prospective purchasers of the Estate assets in order to provide a broad overview of the
historical operations that the existing infrastructure supported. Readers are cautioned that certain
planned additions to the Resort facilities, as noted within the marketing documents, may not have been
constructed.
Ernst & Young | 18
Information package
4 February 2009
Ernst & Young | 19
Information package
4 February 2009
Ernst & Young | 20
Information package
4 February 2009
Ernst & Young | 21
Information package
4 February 2009
Ernst & Young | 22
Information package
4 February 2009
Ernst & Young | 23
Information package
4 February 2009
Ernst & Young | 24
Information package
4 February 2009
Ernst & Young | 25
Information package
4 February 2009
Ernst & Young | 26
Information package
4 February 2009
Ernst & Young | 27
Information package
4 February 2009
Ernst & Young | 28
Information package
4 February 2009
The above information is provided for information purposes only and should
not be relied upon by tenderers submitting tenders.
Ernst & Young | 29
Information package
4 February 2009
Ernst & Young | 30
Information package
4 February 2009
Ernst & Young | 31
Information package
4 February 2009
Ernst & Young | 32
Information package
4 February 2009
Ernst & Young | 33
Information package
4 February 2009
Ernst & Young | 34
Information package
4 February 2009
Ernst & Young | 35
Information package
4 February 2009
Ernst & Young | 36
Information package
4 February 2009
Ernst & Young | 37
Information package
4 February 2009
Ernst & Young | 38
Information package
4 February 2009
Ernst & Young | 39
Information package
4 February 2009
Ernst & Young | 40
Information package
4 February 2009
Ernst & Young | 41
Information package
4 February 2009
Ernst & Young | 42
Information package
4 February 2009
Ernst & Young | 43
Information package
4 February 2009
Ernst & Young | 44
Information package
4 February 2009
Ernst & Young | 45
Information package
4 February 2009
Ernst & Young | 46
Information package
4 February 2009
Ernst & Young | 47
Information package
4 February 2009
Ernst & Young | 48
Information package
4 February 2009
Appendix 1 – Humber Valley Resort River Course
(Championship Golf Course)
Ernst & Young | 49
Information package
4 February 2009
Description of parcel
The Humber Valley Resort River Course, voted “Canada’s Best New Course 2007” by SCORE Golf
Magazine, is an 18-hole, par 72 championship golf course measuring 7,199 yards. The course, which
affords dramatic views over Humber Valley, including Deer Lake and the Humber River, was designed
by distinguished Canadian golf course architect Doug Carrick. Its layout, with gently rolling terrain,
generous fairways and undulating greens, gives experienced golfers a welcome challenge yet also
provides an enjoyable round for novices.
Several holes are played alongside the tranquil Humber River or the shores of Deer Lake and a number
of natural ponds and streams meander through the course. Breathtaking views can be enjoyed from
most of the holes culminating in the 18th, where the backdrop rises to an elevation of 400 feet. This is
the spectacular setting for the Eagle’s Perch Club House (Parcel 2).
The River Course is equipped with a gravity fed irrigation system servicing tees, fairways, and greens.
The irrigation system features a Rainbird decoder system with central computer control, running on
Sirius II software and equipped with a Kenwood hand-held devise. Each hole features head to head
coverage on greens, tees and fairways, with perimeter heads along the fairway secondary rough line.
The system has an 800 gallon-per-minute capacity, equipped with 13 PRV Clayton valves and 2 AR
valves. The system winterization (blow out) connections are centrally located with easy compressor
access.
The Trustee engaged a golf industry consultant, Global Golf Advisors (“GGA”), to prepare a report on
potential opportunities available to a future operator of the River Course, assuming it operates as a
stand-alone business. GGA examined the local golf market in terms of population base and disposable
income levels, historical weather trends and other local golf courses that respectively compete for the
area golf traffic. GGA concluded that the River Course could be operated as a viable going concern
business assuming an appropriate pricing strategy, in line with market realities, was employed. The
GGA findings report is available to prospective purchasers upon request.
Tees - Each hole has four tees:
Gold tournaments 7,199 yards
Blue competitions 6,858 yards
White regular play (men) 6,441 yards
Red regular play (ladies and juniors) 5,484 yards
Bunkers - The River Course has 105 uniquely designed bunkers, 49 on the front nine and another 56
on the back.
Grass Varieties - Three grass varieties have been used:
Creeping bent grass greens and tees
Dwarf Kentucky bluegrass fairways
Fescue semi rough and rough
Ernst & Young | 50
Information package
4 February 2009
Cart Paths - Cart paths exist on the majority of the course with plans to complete the entire route
over the coming golf seasons.
The Humber Valley Resort River Course received an unprecedented seven design awards plus three
additional second or third place honourable mentions, all from some of the most well-regarded golf
publications:
Golf Magazine
Humber Valley Resort River Course, Best New International Course 2007
Score Magazine
Humber Valley Resort River Course, Best New Course in Canada 2007
Golf Punk Magazine
Humber Valley River Course, Best International Golf Resort 2007
Golf Digest
Humber Valley Resort River Course, 3rd Best New Course in Canada 2007
Ernst & Young | 51
Humber Valley Resort River Course Land Survey (1 of 3)
(Written legal description available upon request)
Ernst & Young | 52
Information package
4 February 2009
Lot earmarked is being
tendered as Parcel 5A.
Remaining land surveyed
being tendered as part of
Humber Valley Resort
River Golf Course.
Ernst & Young | 53
Information package
4 February 2009
Ernst & Young | 54
Information package
4 February 2009
Humber Valley Resort River Course Photos
Ernst & Young | 55
Information package
4 February 2009
Ernst & Young | 56
Information package
4 February 2009
Ernst & Young | 57
Information package
4 February 2009
Humber Valley Resort River Course Score Card
Ernst & Young | 58
Information package
4 February 2009
Appendix 2 – Eagles Perch Golf Club House
Ernst & Young | 59
Information package
4 February 2009
The Eagle's Perch Golf Club House is situated high within the natural beauty of the Humber Valley,
offering a fabulous 360 degree view overlooking the Resort property, the Humber River and
surrounding mountains. The 17,000 square foot complex can accommodate groups of up to 260
people, and is equipped with floor to ceiling windows to appreciate the surroundings.
The Eagle’s Perch is situated on approximately 0.660 hectares of land and was built in 2003 with a
steel-on-steel frame and roof, on a concrete foundation. The facility has a brick finish with a slate
shingled roof. The building is handicap accessible with ground level access to the first and third floors,
an elevator offering access to the first through third floors, and is equipped with safety features
including an alarm and sprinkler system.
The upper level of the fully furnished Golf Club House offers a large foyer, large dining banquet room,
and full restaurant kitchen. A sizable deck off the upper level expands the facility’s dining area. The
middle level offers a large lobby and reception area equipped with a pool table, storage room, cloak
room and washrooms. Seven spacious offices line the hallway behind the reception area. The lower
level has a large club house retail shop, a large office space, three storage rooms and two medium-size
boardrooms. This floor is also equipped with two large locker rooms, offering multiple washroom and
showering facilities.
A proposed hotel and convention centre had been considered for this site by the former management
as part of the Resort’s expansion plans. Management believed that the limited number of convention
centre facilities in western Newfoundland provided the Resort with a unique development opportunity.
The undeveloped land designated for the Driving Range (see Parcel 3A) and the existing parking lands
adjacent to the Eagles Perch Golf Club House offer ample land acreage for a hotel expansion project.
Management had envisioned converting the club house into the hotel’s reception, bar and restaurant
facilities as part of its future development plan. Prospective purchasers may wish to examine this
opportunity further as they consider the Estate assets.
Ernst & Young | 60
Information package
4 February 2009
Eagles Perch Golf Club House Land Survey
Ernst & Young | 61
Information package
4 February 2009
Ernst & Young | 62
Information package
4 February 2009
Photos of Eagles Perch Golf Club House
Ernst & Young | 63
Information package
4 February 2009
Ernst & Young | 64
Information package
21 January 2009
Appendix 3 – Various Land Lots
Ernst & Young | 65
Information package
21 January 2009
Parcel 3M
Parcel 3I
Parcel 3J
Parcel 3K
Parcel 3L
Parcel 3C
Parcel 3A
Parcel 3G
Parcel 3F
Parcel 3H
Parcel 3B
Parcel 3D
Parcel 3E
Ernst & Young | 66
Information package
21 January 2009
Parcel 3A Driving Range Land Survey
The driving range lands are situated directly behind the Eagles Perch Golf Club House (Parcel 2).
Originally designated as the future driving range area for the Humber Valley Resort River Course, this
land parcel, covering approximately 14 acres, is situated atop the Resort property and offers
spectacular views of the Humber Valley. This land parcel offers prospective developers interested in
residential condo, hotel or convention centre development with a unique opportunity for future
expansion.
A proposed development plan, prepared by the former management, is being provided to identify a
potential site design for the driving range lands capable of housing 96 (duplex) hotel villas. When
combined with the adjoining Eagles Perch Golf Club House and parking area (Parcel 2), Parcel 2 and
Parcel 3A cover approximately 8 hectares of developable raw land.
Prospective developers are encouraged to review the Resort Property Investment Tax Credit
Regulations of Newfoundland program which may provide developers with favourable tax benefits
subject to development criteria.
Ernst & Young | 67
Information package
4 February 2009
Ernst & Young | 68
Information package
4 February 2009
Parcel 3A Driving Range Land Survey
Lot earmarked represents
Driving range lands.
Official land survey
available in due course.
Ernst & Young | 69
Information package
4 February 2009
Parcel 3B Lot 31 Land Survey
Lot 31 is a 0.407 hectare building lot adjacent to civic address 4 Riverside Drive. The pre-bankruptcy
selling price for Lot 31 was $225,000.
Ernst & Young | 70
Information package
4 February 2009
Parcel 3C Lot 58 Land Survey
Lot 58 is a 0.251 hectare building lot adjacent to civic address 24 Mountain View. The pre-bankruptcy
Ernst & Young | 71
Information package
4 February 2009
Parcel 3D Lot 99 Land Survey
Lot 99 is a 0.395 hectare waterfront building lot, identified by civic address 36 Lakeside Drive. The
pre-bankruptcy selling price for Lot 99 was $450,000.
Ernst & Young | 72
Information package
4 February 2009
Parcel 3E Lot 154 Land Survey
Lot 154 is a 0.5 hectare building lot identified by civic address 3 Alder Place. The pre-bankruptcy
Ernst & Young | 73
Information package
4 February 2009
Parcel 3F Lot 300 Land Survey
Lot 300 is a 0.495 hectare building lot identified by civic address 1 Alpine Court (Alpine Court has yet
to be constructed). The pre-bankruptcy selling price for Lot 300 was $300,000.
Ernst & Young | 74
Information package
4 February 2009
Parcel 3G Lot 300A Land Survey
Lot 300A is a 0.465 hectare building lot identified by civic address 3 Alpine Court (Alpine Court has yet
to be constructed). The pre-bankruptcy selling price for Lot 300A was $300,000.
Ernst & Young | 75
Information package
4 February 2009
Parcel 3H
Lot 355 Land Survey
Lot 355 is a 0.509 hectare building lot identified by civic address 19 Mountain View. The prebankruptcy selling price for Lot 355 was $250,000.
Ernst & Young | 76
Information package
4 February 2009
Parcel 3I Lot 397 Land Survey
Lot 397 is a 0.497 hectare building lot identified by civic address 10 Creek Grove. The pre-bankruptcy
Ernst & Young | 77
Information package
4 February 2009
Parcel 3J Lot 406 Land Survey
Lot 406 is a 0.460 hectare building lot identified by civic address 2 Babbling Brook Lane (Babbling
Brook Lane has yet to be constructed). The pre-bankruptcy selling price for Lot 406 was $300,000.
Ernst & Young | 78
Information package
4 February 2009
Parcel 3K Lot 407 Land Survey
Brook Lane has yet to be constructed) . The pre-bankruptcy selling price for Lot 407 was $300,000.
Ernst & Young | 79
Information package
4 February 2009
Parcel 3L Lot 408 Land Survey
Brook Lane has yet to be constructed). The pre-bankruptcy selling price for Lot 408 was $300,000.
Ernst & Young | 80
Information package
4 February 2009
Parcel 3M Lot 444 Land Survey
Lot 444 is a 0.618 hectare building lot identified by civic address 19 Valley Drive. The pre-bankruptcy
Ernst & Young | 81
Information package
4 February 2009
Appendix 4 - Beach House
Ernst & Young | 82
Information package
4 February 2009
The Beach House is a river-front property with approximately 176 meters of direct water access to the
Humber River. This 8,100 (approximate) square foot facility situated on approximately one hectare of
land was built in 2002 with a wooden frame and a patent roof, on a concrete foundation. The building
has a large, four level deck with seating area, providing direct beach-front access from both the first
and second floors. The facility has a vinyl siding finish with a metal shingled roof. The building is
handicap accessible with direct access to the second floor, and is equipped with safety features
including an alarm and sprinkler system.
The upper level of the furnished Beach House offers a fully equipped restaurant kitchen and bar to
service the 80 person restaurant lounge. The restaurant is equipped with two large flat panel
televisions with stereo and surround sound systems. A secondary room, situated adjacent to the main
dining area can be used as a private banquet room or a second restaurant dining area. Access to the
outside deck provides seasonal outside dining. This floor is also equipped with two sets of washrooms
to service guests.
The lower level offers a large room which has traditionally been used as a second banquet room or an
activities room. A large commercial laundry room, equipped with two industrial washers and dryers,
plus a commercial press machine, facilitates on-site laundry services to the upper level restaurant.
This floor also includes two storage rooms, an office space and two bathrooms.
Ernst & Young | 83
Information package
4 February 2009
Beach House land survey
Ernst & Young | 84
Information package
4 February 2009
Beach House floor plans
Ernst & Young | 85
Information package
4 February 2009
Photos of Beach House Property
Ernst & Young | 86
Information package
4 February 2009
Ernst & Young | 87
Information package
21 January 2009
Appendix 5 – Administration and Storage Facilities (land and
buildings)
Ernst & Young | 88
Information package
21 January 2009
Description of Parcel
The administration and storage facility buildings situated upon 1.875 hectares of land are located in
close proximity to the Eagles Perch Golf Club House (Parcel 2). All three “stressed skin” buildings are
built on concrete slab foundations and finished with vertical corrugated steel clad siding and a
corrugated steel clad rounded roof.
The 8,000 (approximate) square foot Administration Office houses 17 offices, 11 located on the top
floor and six located on the lower level. Other functional rooms located within the Administration
Office are: a large boardroom; kitchen; large IT office area with two air conditioned server rooms; and
a large storage area with 8x8 foot garage door access. The interior, including the suspended floor and
partitions, of the Administration office is constructed of wood.
The 6,000 (approximate) square foot Storage Facility #1 has a large maintenance shop accessible
through front 15x16 foot garage door and a rear 14x16 foot garage doors. This maintenance area
consumes two full levels in order to service heavy equipment. A second maintenance shop is
accessible through a front 11x10 foot garage door and a side 8x8 foot garage door. A smaller
workshop area and office space is situated between the two maintenance shops. The upper level of
this facility is also accessible through an 8x8 foot garage door via a gravel ramp to the rear of the
building. The upper level is a partial second floor, situated above the second maintenance shop and
workshop/office space area only, consists of a large storage room, staff lunch room and bathroom
facilities. The second level was designed using concrete and open web steel joists so that small
equipment can operate on this level.
The 4,000 (approximate) square foot Storage Facility #2 is an open concept design building which
historically was used to store the golf maintenance equipment. This storage building is unfinished,
lacking electrical and plumbing services, floors, windows and doors.
Prospective purchasers may consider developing this land parcel into the golf course driving range if
other lands (i.e., Parcel 3A) are ultimately developed for other purposes.
Ernst & Young | 89
Information package
4 February 2009
Legal description of Administration and Storage Facilities (land
and buildings)
Ernst & Young | 90
Information package
21 January 2009
Administration Building photos
Ernst & Young | 91
Information package
4 February 2009
Storage Facility #1 photos
Ernst & Young | 92
Information package
4 February 2009
Ernst & Young | 93
Information package
4 February 2009
Storage Facility #2 photos
Ernst & Young | 94
Information package
4 February 2009
Appendix 6 - Strawberry Hill Resort
Ernst & Young | 95
Information package
21 January 2009
Strawberry Hill Resort is a 13.76 acre property situated on the banks of the Lower Humber River, on
the west coast of Newfoundland, Canada. Strawberry Hill is located within a twenty minute drive of the
newly expanded Deer Lake international airport and approximately two kilometres from the main
Humber Valley Resort Property. The property features a manor house, conference center and
apartment, boat house, green house, and a hot tub and sauna hut.
The historic manor house was originally developed in the 1950s by the paper-making industrialist, Sir
Eric Bowater, as a corporate retreat for visiting dignitaries. The spacious 7,300 square foot manor
house retains many of its original features including six beautifully decorated and furnished bedrooms,
each with an en suite bathroom. The manor house also offers a large, furnished reception area with
bar. Each of the 1950s style decorated and furnished sitting room, 20-seat dining room and private
library is equipped with an open fire place.
The manor house is equipped with a large industrial-style kitchen with stainless steel appliances. The
east wing of the house includes a chef’s quarter with furnished kitchen and living area, as well as a
furnished servant’s quarter to accommodate two.
The property benefits from a number of amenities including a sauna and hot tub with views of the Class
A salmon fishing, Humber River, a boat house and an herb garden. A separate conference center is
located next to the manor house with approximately 300 square feet of meeting space on the ground
floor. A furnished two-bedroom self-contained apartment with a private deck overlooking the Humber
River occupies the top floor.
Prospective purchasers of the Strawberry Hill Resort assets may consider the property for use within a
fishing business or boutique hotel given its unique layout and proximity to the Class A salmon fishing
on the Humber River. Alternatively, the manor house would be a picturesque and impressive personal
residential property for a suitable buyer.
Ernst & Young | 96
Information package
4 February 2009
Strawberry Hill Resort Land Survey
The Strawberry Hill Resort property perimeter is formerly described as follows. Note that Lot 1
through Lot 13, as shown in the survey map below, are not included in this tender offer.
Ernst & Young | 97
Information package
4 February 2009
Strawberry Hill Resort Photos
Ernst & Young | 98
Information package
4 February 2009
Ernst & Young | 99
Information package
4 February 2009
Ernst & Young | 100
Information package
21 January 2009
Appendix 7 – Forest Park Condominium Units
Ernst & Young | 101
Information package
21 January 2009
Forest Park Condominium is a newly constructed two storey concrete based wood frame building with
concrete and metal rebar support beams, a wood and asphalt shingled sloped roof and wood siding on
the building exterior. The building includes eight residential dwellings, four on the ground floor and
four on the upper floor (five are available for tender).
The condominium includes a common parking lot and pathways, one common stairwell, with wood
materials used for stairs and landings with wood railings and glass panels; laminate flooring is used
throughout.
The fully-furnished condo units are described as follows:
Parcel 7A Unit 100:
A two-bedroom, two-bathroom unit in the lower level of the southeast quadrant
of the Building, with a ceiling height of 2.7 metres throughout and an enclosed
area of 97.4 square metres, such that the unit comprises in total the threedimensional space of 262.98 cubic metres together with a deck attached with
an area of 20.7 square metres, which also comprises part and parcel of the
unit such that the total floor space of the unit is 120.1 square metres.
Parcel 7B Unit102:
A two-bedroom, two-bathroom unit in the lower level of the northwest
quadrant of the Building, with a ceiling height of 2.7 metres throughout and an
enclosed area of 97.4 square metres, such that the unit comprises in total the
three-dimensional space of 262.98 cubic metres together with a deck attached
with an area of 20.7 square metres, which also comprises part and parcel of
the unit such that the total floor space of the unit is 120.1 square metres.
Parcel 7C Unit 200:
A one-bedroom, one-bathroom unit in upper level of the southeast quadrant of
the Building with a ceiling height of 2.775 metres throughout and an enclosed
Parcel 7D Unit 201:
A one-bedroom, one-bathroom unit in upper level of the southwest quadrant of
Parcel 7E Unit 203:
A one-bedroom, one-bathroom unit in upper level of the northeast quadrant of
Ernst & Young | 102
Information package
21 January 2009
Condominium Floor Plans
Ernst & Young | 103
Information package
21 January 2009
Condominium Land Survey
(Legal written description available upon request)
Ernst & Young | 104
Ernst & Young
Assurance | Tax | Transactions | Advisory
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services.
Worldwide, our 130,000 people are united by our shared values and an unwavering
commitment to quality. We make a difference by helping our people, our clients and
our wider communities achieve potential.
© 2008 Ernst & Young LLP. All rights reserved.
A member firm of Ernst & Young Global Limited.

Humber Valley Resort Corporation Newfoundland Travel and

Transcription

Similar documents

here

Experience luxury redefined at the Fairmont Kea Lani, Maui

Ganzekraal Brochure

THREE RIVERS RESORT

See Full Review - Brentwood Bay Resort and Spa

THE RIVER ROCK CASINO RESORT IS PLEASED TO OFFER YOU

RESORT BEACHWOOD RESORT

Katelyn Devynn Ramon Valley

Split Rock Resort Lake Harmony, Pennsylvania

tibetan resort - resort architects