Prime Minister Ralph Gonsalves has weighed in on the current announcement by Star8 Corp of their intentions to acquire 100% of Pace Development St Vincent owners of the Black Sands Resort.
On Monday via Global newswire press, Star8 Corp said that it has signed a Letter of Intent (the “LOI”) to acquire Black Sands Resort operating under the name Pace Developments St. Vincent Inc. through a plan of exchange with an expected closing in the current quarter.
Gonsalves on Tuesday said a company with an alien land-holding licence has conditions attached to it, and as far as he understands the lands at Peters Hope where Black Sands Resort is being built have been acquired under certain conditions.
“There is always the possibility of one company taking over another, but the operational company may be the same company that has the alien landholding license. That’s all I know. You can’t go wrong if you stick to the fundamentals”.
“This is not the first time you may have a company and somebody- I don’t know who owns this company. It might be the same people and it might be a corporate restructuring. I’m not sure”, Gonsalves said.
On Monday, Mario Diez, Chief Executive Officer of Star8 Corp said “Our Board of Directors is impressed with the vision and strategy behind this development, we see an opportunity to invest in a growing market with an inspired project, that will ultimately stimulate the local economy.”
“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 Inc. “The finished product is going to be a resort that truly embodies all elements of relaxation and luxury living.”
In May, the owner of Black Sands Resort, PACE Developments, said it had planned on restarting construction in July.
Pace Developments St. Vincent said the luxury hotel and casino which is under construction has a valuation of US $48,000,000 from Colliers.
“Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients”.
Star8 Corp. is a multifaceted brand with components ranging from e-commerce-driven solutions focusing on Amazon, direct to market, Technology Strategies and Solutions, and Marketing Platforms (digital and others) that generate results, according to its website.
