The proposed US$35 million sale of the Holiday Inn / Best Western hotel property located at Diamond has reached an advanced stage, with Cabinet granting key transaction approvals as legal reviews progress regarding the hotel’s future branding.
Details of the transaction were disclosed in the House of Assembly by the Minister of Foreign Affairs, Foreign Trade, Foreign Investment and Diaspora Affairs in response to parliamentary inquiries concerning active investment proposals.
The US$35 million property transaction is classified in the hospitality sector and stands as one of two projects currently at an advanced stage within the national investment pipeline.
Key milestones in the approval process include:
- Cabinet Authorization: St. Vincent and the Grenadines’ Cabinet has formally approved both the success fee and the price adjustment associated with the sale.
- Legal Review: Matters surrounding a proposed hotel brand change have been submitted to the Attorney General’s Chambers for legal review.
The sale is being facilitated by Invest SVG, the state agency operating under the Ministry of Foreign Affairs, Foreign Trade, Foreign Investment and Diaspora Affairs to attract and guide foreign and domestic direct investment.
While Invest SVG prepares investment opportunities and assists investors through administrative processes, final statutory approvals remain under the authority of Cabinet, the Physical Planning and Development Board, and other designated statutory bodies.
Out of the 13 active investment proposals currently being pursued by Invest SVG, the Holiday Inn / Best Western sale is among the furthest along in the pipeline
