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How to Pay for Your Caribbean Getaway
If you've been laid off from your Wall Street job and have little more to show for it than a bunch of worthless stock from your former employer, the cool, blue Caribbean waters are calling you this winter.
Or more specifically, the Elite Island Resorts are calling you. Times are evidently so tough on the islands that this luxury hospitality group will let guests pay for their vacations with shares of stock -- at prices from July 31, 2008.
Between December 5 through January 31, book a stay at the The Verandah Resort & Spa -- a value of $635 per night for a family of four. But instead of paying with plastic, you can transfer the same amount in Goldman Sachs shares valued at $175 each, a 143 percent premium from the $72 where they trade today.
The Elite Island Resorts is calling it the "Roll Back Your Stock's Value" promotion and it's dedicating $10 million it. It will accept 100 stocks, including many battered financial shares such as Citigroup, Morgan Stanley, and Merrill Lynch. Each vacationer is entitled only to a $5,000 credit with their stock, however. Anything over that must be paid with real money.
What's the catch? It appears there isn't one. The financial advisors to Elite Island Resorts must believe stocks are going to rebound quite nicely over the near term. Either that, or its marketing department had an extra $10 million to burn.
by Megan Barnett
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