Loreto Bay Resorts, sale pending?

This morning, StarkSilverCreek got word from one of our sources that a sale on Loreto Bay Resorts is pending with one of the bidders for the project.

There will be a “short” due diligence process before final closing of the deal. This is what Citigroup wanted and was one of the reasons there were several buyers in negotiations from the onset. As for the definition of “short” we were not able to get details at this time on whether we are looking at weeks or months.

We were also told that at this point, all other bidders are out of the running. One suitor left the bidding table a couple of weeks ago. And a second, headed up by another firm, we can’t disclose at this time, is the closest runner up should the due diligence process with front runner fall through. However, the source was pretty certain that the deal will close, citing “98% certainty”.

When asked about the scope of the project, we were told that currently there are no plans to scale back on the original vision. However, there was also a setting of realistic expectations that even after the deal is closed, there will be a lot of work to execute against the vision.

We will identify the buyer of Loreto Bay when the sale becomes final.

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  • Tim

    Let the tea-leaf reading begin! Are you excited about the potential buyers? Do you think they will be able to bring the necessary expertise and financial backing to complete the project? And finally, who are they? (Can't blame me for trying.)<br />
    <br />
    Tim Hart AV 165

  • joseph/natalie

    who are these new owners? inquiring mind want to know…..How about a hint, Local, Americans, European, Middle eastern, etc…

  • Tim

    Let the tea-leaf reading begin! Are you excited about the potential buyers? Do you think they will be able to bring the necessary expertise and financial backing to complete the project? And finally, who are they? (Can’t blame me for trying.)

    Tim Hart AV 165

  • Tim

    Let the tea-leaf reading begin! Are you excited about the potential buyers? Do you think they will be able to bring the necessary expertise and financial backing to complete the project? And finally, who are they? (Can’t blame me for trying.)

    Tim Hart AV 165

  • joseph/natalie

    who are these new owners? inquiring mind want to know…..How about a hint, Local, Americans, European, Middle eastern, etc…

  • joseph/natalie

    who are these new owners? inquiring mind want to know…..How about a hint, Local, Americans, European, Middle eastern, etc…

  • Loni Kao Stark

    Hi Guys – I think we are all ready for a new owner to take the helm of this Loreto Bay ship. <br />
    <br />
    From a couple of sources, SSC is able to validate that a sale is pending (secondary sources, I did not see the dead body), but there are a number of steps before it becomes final.<br />
    <br />
    We will share any information we get which we feel comfortable is fairly accurate. This is obviously very subjective. At this point, we feel it is not prudent to name names. <br />
    <br />
    Loni

  • Hi Guys – I think we are all ready for a new owner to take the helm of this Loreto Bay ship.

    From a couple of sources, SSC is able to validate that a sale is pending (secondary sources, I did not see the dead body), but there are a number of steps before it becomes final.

    We will share any information we get which we feel comfortable is fairly accurate. This is obviously very subjective. At this point, we feel it is not prudent to name names.

    Loni

  • Hi Guys – I think we are all ready for a new owner to take the helm of this Loreto Bay ship.

    From a couple of sources, SSC is able to validate that a sale is pending (secondary sources, I did not see the dead body), but there are a number of steps before it becomes final.

    We will share any information we get which we feel comfortable is fairly accurate. This is obviously very subjective. At this point, we feel it is not prudent to name names.

    Loni