From the Associated Press:
PROVIDENCIALES, Turks and Caicos: The U.S. financial crisis has reached the coasts of the Caribbean — paralyzing work on a 125-room hotel, marina and condominium project on secluded West Caicos island.
Logwood Hotel Development Company is the owner of the unfinished Ritz Carlton Molasses Reef hotel and condominiums in the Turks and Caicos. The company said Wednesday the failure of the Lehman Brothers investment bank forced suspension of the luxury development, which is 75 percent complete.
Company director Andy Wimsatt says he is "stunned by the precipitous collapse of our lender" and doesn't know when the resort may be finished.
Lehman Brothers Holding Inc. went bankrupt last month under the weight of US$60 billion in toxic real-estate debt.
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