Publish Date: 07/12/2022
Fact checked by: Mike Goodpaster
On Monday, Star8 Corp announced they had signed a Letter of Intent (the “LOI”) to buy Black Sands Resort, run by Pace Developments St. Vincent Inc., through an exchange plan. The deal is expected to close in the current quarter.
Star8 Corporation is a publicly-traded company that specializes in technology and eCommerce-driven solutions. Star8 Corp. advises clients on sustainable marketing, technology, sales, and distribution.
Pace Developments St. Vincent Inc. owns 45 acres of land in Peter’s Hope, St. Vincent, and the Grenadines. On this 45-acre plot of land, work has already started on the luxury Black Sands Hotel, which will eventually have 450 rooms. The news release said St. Vincent is below the hurricane belt and has a brand-new international airport, so it is becoming more popular in the luxury tourism market.
“Our Board of Directors is impressed with the vision and strategy behind this development,” said 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.” he added.
Pace Developments St. Vincent Inc. CEO Joseph Romano said the property would have a 5-star luxury hotel with condos, a casino, a medical spa, and a private marina.
“The finished product is going to be a resort that truly embodies all elements of relaxation and luxury living,” he added.
Investors from Canada, Pace Developments, started the project in 2017, but they haven’t finished any part of the resort at Peter’s Hope even though they said it would take between 24 and 30 months.
In May, Pace Developments, which owns Black Sands Resort, said it planned to start building again in July. Saint Vincent Prime Minister Ralph Gonsalves announced on Wednesday, May 25. He did so after meeting with the project’s main investor, Joseph Romano.