An aggressive television advertising campaign, backed up with a strong product offering, has buoyed The Cove Eleuthera Spa and Resort to international prominence and encouraged projections that the resort will more than double its gross sales this year, its owner has stated.
Denying speculation that he may be imminently set to sell out, the owner of The Cove Eleuthera Spa and Resort admitted that he has received two "good offers" for the property in the past month.
Rather than financial distress, as with so many resort resales, Sidney Torres IV put the interest down to The Cove's growing success.
After doing $3 million in sales between March and December of 2013, current trends suggest sales of $7.5 - $8 million are anticipated this year. Payroll at the company now stands at $140,000 a month, with $120,000 going to Bahamians, he said.
The young American entrepreneur, who said the company is debt free and "doesn't need to sell", said he considered both offers and has set one aside while maintaining an "open line of communication" with those behind the other offer.
However, he emphasized that while his history in business is as someone who "looks for undervalued or distressed" companies and properties, turns them around, and eventually moves on to new challenges, Torres said that in Eleuthera it is "not about the money".
"It's about having the right fit," he told Guardian Business.
In an interview with Guardian Business, Torres said that after a slow end to 2013, occupancy is up at the Gregory Town resort - last year an average of around 48 to 50 percent occupancy was achieved, and this year the numbers are expected to settle at around 58 to 59 percent; average daily room rates at the resort have "almost doubled" in the past six months.
Torres took over the property, located in Gregory Town in North Eleuthera, in July 2012 and turned the 24-room property into a 75-room resort of villas, cottages and suites.
The self-described "hands-on" developer said The Cove Eleuthera is now doing "very well" in no small part due to the $2.1 million he has spent on strategically-placed TV spots in areas like South Florida, New York, Louisiana and Texas. Torres said that while some may balk at the level of promotional spending, he believes the approach is one he believes could be a "model" for how to make family island development work.
This year, Torres expects to spend $60,000 to $70,000 a month on promoting the resort on U.S. television. On Thursday night, the resort was featured in three advertisements during the Miami Heat versus San Antonio Spurs basketball game at a cost of $80,000.
The company polls potential customers in the U.S. and said that there's a lack of awareness of what lies beyond Nassau and Paradise Island, which leads those who want something "less touristy and Disney" and more private and exclusive to go to places like Turks and Caicos.
"There's a lot more work to be done," he said, adding: "We're very excited about the progress and what we've been able to accomplish".
"People always say the outer islands never really work and it's hard that it's difficult to be successful unless you're on Harbour Island or Exuma. Eleuthera hasn't really had anything that has been successful since Club Med, as a five-star resort, was there back in the day. I think we've changed that outlook as far as the way things are going," he said.
The resort has risen to number one among luxury resorts in The Bahamas based on visitors' reviews on travel site Trip Advisor, and has received notable mentions in publications like Travel and Leisure and Conde Nast magazine.
Torres added: "Our focus is to continue to play the game and do what we're doing and continue to operate a five-star property in the out islands. If everything feels right or if it's the right deal then obviously we'd consider looking at it."

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