CEO Mel Reeves says the Skaha Beach Club and Spa project is not going to happen.

He says the planned five-star hotel and resort project has come to a halt due to lack of funding.

“With deep regret, My Second Home Developments LTD, announces today that our plans to construct Skaha Beach Club and Spa, have been terminated.”

Reeves says it was an uphill battle from the start to secure financing.

“When the financing markets began to recoil with all the billion dollar write-downs, we fought an uphill battle to present our project to financial institutions, hedge funds, private investors and financing groups, all to no avail.

Reeves says all the pre-sale owners will get their money back along with the accrued interest, but doesn't know what he'll do with the site.

Link: Skaha Beach Club and Spa