Harmony - Starwood's $50,000,000 Loss

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George Schiro

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Oct 23, 2018, 8:57:13 PM10/23/18
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Starwood Capitol (same folks who started Starwood Resorts) bought Harmony in 2005 for $75,000,000 (see "Reference Materials - Sales Agreement ...", https://tinyurl.com/y7bzgc8j ).

Here are some choices Starwood had made since then:



    Erected the most prominent signage in Harmony
    at the East entrance. Looks like a strip mall:

 
  

    Lowered architectural standards. For the first time, the
    developer (along with the Harmony CDD) allowed houses in
    Harmony to look like houses on Narcoossee Road (where
    there are no deed restrictions and folks don't pay $1000s

    in CDD taxes year after year).

    

    Backended houses on a main road in Harmony. Where? At
    the west entrance to Harmony where most people get their
    first impression of Harmony (the very same Narcoossee-like
    houses, see above).

    Built the Harmony Community School right next to one of
    the largest natural gas pipelines in the state of
    Florida (ie. closer than any other building in Harmony,
    see "Harmony Developer Fails to Disclose Gas
    Pipelines",
https://tinyurl.com/neg46le ).

Of course these are just a few examples, some are more significant than others.

Do you think such choices make a difference over time?

In 2017 Starwood sold Harmony to Sun Terra for $24,250,000 (see attachment).

That's a $50,000,000 loss (67% of their original investment).

Outlook..bmp
Outlook..bmp
StarwoodSellsToSunTerra.pdf
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