Star8 Corporation has signed a letter of intent (LOI) to purchase Pace Developments St. Vincent Inc. The group plans to acquire 100% of the luxury resort through an exchange plan.
The deal is expected to close sometime this quarter.
Pace Developments St. Vincent Inc. currently owns 45 acres near Peter’s Hope, St. Vincent and the Grenadines.
Construction on the Black Sands Hotel has already started. The completed hotel will be home to 450 rooms and will sit on 45 acres located south of the hurricane belt.
Black Sands will sit close to St. Vincent’s new international airport.
Star8 Corp Chief Executive Officer Mario Diez said the board is pleased with the development project and sees this as a win for everyone involved.
He 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.”
The project will consist of two phases. The first is projected to open sometime during the next 12 to 14 months. Phase two is scheduled to be completed within the next two to three years and will include an additional 200 rooms.
Pace Developments St. Vincent Chief Executive Officer Joseph Romano commented: “This property will feature a 5-star luxury hotel, with condos, a casino, a medical spa and its own private marina.
“The finished product is going to be a resort that truly embodies all elements of relaxation and luxury living.”
Star8 Corporation provides its clients with marketing, sales, technology and distribution consulting. The company is publicly traded and specializes in technology and ecommerice driven solutions.
