The board of Almond Resort Inc. (ARI) is yet to make a “definitive” selection of one of the three proposals for the purchase of the Almond Beach Village in St Peter.
For that reason, the board will hold meetings with each interested party – Paul Doyle, of the Crane Hotel group, Bjorn Bjerkhamn, of Jada Construction group, and Gordon “Butch” Stewart, of the Sandals hotel group – before making a recommendation to its shareholders to decide on the sale of the 395-bed hotel.
The debt-ridden 31-acre beachfront property closed its doors at the end of April.
Neal & Massy, the major shareholders, have been trying for nearly a year to find a buyer for the local hotel group as it racked up millions of dollars in losses and complaints that Almond had become a major drag on the conglomerate’s profits.
Read the full story in today’s DAILY NATION.
