Barbados, a popular vacation spot for the affluent, is bailing out the troubled Four Seasons luxury-resort development on the tiny island. Construction of the project stalled a year ago as financing dried up and sales of its private villas slowed, after initially attracting a cast of celebrity buyers.

In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60m loan from a Caribbean bank to help restart construction. In return for the guarantee, the government ultimately will end up with a 20% equity stake in the project.

Wall Street Journal