An agreement is expected to be signed later this week between the new entity that is purchasing Buccament Bay Resort and KPMG.
KPMG is the trustee of Harlequin Property SVG Limited, the former operators of the resort.
Speaking at a media conference yesterday on Monday, Prime Minister Dr. Ralph Gonsalves said that as of Monday, all necessary legal matters have been worked out with the purchasers.
In June a group of investors interested in operating the Buccament Bay Resort was in St Vincent and the Grenadines.
This was confirmed by Prime Minister Dr Ralph Gonsalves who without naming the investors, says the government held discussions with the group, along with the trustee in bankruptcy, KPMG.
In February of 2018, Finance Minister Camilo Gonsalves reported that investors and creditors of the resort were in communication with the bankruptcy trustee, and plans were already approved for the management of the resort.
He said at the time the bankruptcy trustee was currently fine-tuning the details of management proposals from credible and competent entities with excellent track records in hotel management.
Camilo Gonsalves had also indicated during the budget presentation that the resort would reopen in advance of the 2018 tourist season, after a three-month process of rehabilitation to the existing facility.
The closure of the Buccament Bay Resort has had an undeniably negative impact on tourist arrivals from the United Kingdom, which were flat regionally on Brexit-related concerns.
Buccament Bay Resort was closed in December 2016.