Star8 has announced the signing of a letter of intent that will see the technology and ecommerce firm purchase Pace Developments St Vincent through a plan of exchange that is expected to close in the current quarter.
Despite the LOI regarding what is lauded as a “luxury hotel and casino,” which reportedly carries a $48m valuation from professional services and investment management Colliers, the purchase is not yet over the line.
“This property will feature a 5-star luxury hotel, with condos, a casino, a medical spa and its own private marina,” said Joseph Romano, Chief Executive Officer of Pace Developments St Vincent.
“The finished product is going to be a resort that truly embodies all elements of relaxation and luxury living.”
Pace Developments owns 45 acres of land at Peter’s Hope, St. Vincent and the Grenadines, where construction is underway on the Black Sands Hotel.
The property will eventually house 450 rooms, with Star8 confident that “the destination is growing in popularity within the luxury tourism market” and will benefit from a newly constructed international airport in St Vincent”.
“Our board of directors is impressed with the vision and strategy behind this development,” added Mario Diez, Chief Executive Officer of Star8 Corp.
“We see an opportunity to invest in a growing market with an inspired project that will ultimately stimulate the local economy.”
Phase one of the project is expected to open within 12 to 14 months, and an additional 200 rooms for phase two will be completed during a 24 to 36 month time frame.