Star8 Corp Signs Binding LOI to Acquire 100% Of Luxury Pace Developments St. Vincent
Star8 Corp on Monday 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.
Star8 Corporation (OTCPK: STRH) is a publicly-traded company with expertise in technology and eCommerce-driven solutions.
Pace Developments St. Vincent Inc. owns 45 acres of land at Peter’s Hope, St. Vincent and the Grenadines.
Construction has already begun on the luxury Black Sands Hotel, which will eventually house 450 rooms, on the 45 acres of land at this site. The release said St. Vincent as a destination is growing in popularity within 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.”
“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.
The announcement was made on Wednesday 25 by Prime Minister Ralph Gonsalves, following a meeting with Joseph Romano, the project’s principal investor.
Investors from Canada, PACE Developments, who broke ground on the project in 2017, have yet to complete any part of the resort at Peter’s Hope, five years after they promised a 24-30 month construction span.
