RUI Hotels and Resorts has confirmed its acquisition of the Sheraton Grand Resort, and is expected to make an official announcement confirming the arrival of the new RUI Paradise Island, The Tribune has learned. The sale still requires Government approval, though, and no word has been given as to when that would be forthcoming.
A source close to the transaction, although declining to confirm the acquisition, said there was an agreement for sale that is likely to be sealed some time today.
The agreement is subject to Government approval and until that occurred it would be difficult to predict what the future status of the Sheraton’s 300 employees was, as RUI had not made any declarations regarding the current staff.
It is known that the 350-room resort will be closed for renovations and upgrades from June until December, when it will reopen as a 5-star all-inclusive resort.
The Tribune revealed earlier this month how RUI Hotels and Resorts was paying $30 million Euros for the Sheraton, which translates into about $35-36 million in US dollars.
Analysts see the acquisition as a good move for the Bahamian tourism industry.
Source: Yolanda Deleveaux, The Tribune
