Star8 agrees to acquire Pace Developments St. Vincent
Technology and ecommerce company Star8 has signed a letter of intent to acquire 100% of Pace Developments St. Vincent through an exchange plan expected to close in the current quarter.
Pace Developments currently owns 45 acres of land at Peter’s Hope, St. Vincent and the Grenadines, where it is constructing the new Black Sands Hotel. The hotel will feature 450 rooms and will aim to benefit from growing tourism in the region, which is set to increase after the construction of the new St Vincent international airport.
Pace Developments CEO Joseph Romano said: “This property will feature a 5-star luxury hotel, with condos, a casino, a medical spa and a private marina. The finished product will be a resort that embodies relaxation and luxury living.”
After breaking ground in 2017, the project experienced some delays. The first phase will now get underway within the next 12 to 14 months, with an additional 200 rooms in phase two set to be completed within 24 to 36 months.
Star8 CEO Mario Diez 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 move comes after a string of Star8 acquisitions over the past year, the company acquired Palm Nutrition in January 2022, Vibe Holdings in December 2021 and Rari Nutrition in October 2021.
It is worth noting that a letter of intent does not mean the acquisition has happened yet, but unless something drastically changes, the deal will happen in due course.
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