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.