Fairweather Holding Co., which operates Elite Island Resorts, has agreed to buy Almond Beach Club in St James for $33 million, but about $30 million of that sum is going to Scotiabank to reduce Almond’s outstanding debt to that institution.
This was revealed in an information memorandum sent to shareholders of Almond Resorts Inc (ARI) yesterday, in which the board of directors urged shareholders to agree to the purchase.
What’s more, the remaining $3 million left from the purchase sum is going to be used to meet the severance obligations to the hotel’s 160 workers, who are expected to end their contract of employment with Almond.
Fairweather Holding Co., a company incorporated in Nevis, has agreed to buy the hotel as a going concern and so the employees are expected to be rehired by it under new terms.
