The Jamaica based hotel chain, Sandals, says it has acquired the 100-room La Source Grenada hotel that closed its operations earlier this month.
Its invaluable to us and will be investing US$100 million in the coming years as we turn this property from 100 rooms to 265, said Gordon Butch Stewart, owner and founder of the Sandals brand.
"The additional development will be the Tahiti Village," he told a ceremony in Grenada on Thursday night.
The property on Pink Gin Beach will be renamed Sandals La Source Grenada Resort & Spa, and is due to re-open in the first quarter of 2013.
We will have like to open sooner but the upgrade will take a lot more than what was originally intended. We are sparing no expense for this resort, its a world class, it is top notch and it will be new for Sandals, said chief executive officer, Adam Stewart.
The Grenada acquisition brings to 14, the number of properties owned by Sandals in the Caribbean.
La Source hotel was heavily damaged when Hurricane Ivan struck the island in 2004 and re-opened four years later.
But on October 16, the hotel announced that it was closing putting an estimated 100 workers on the breadline.
Tourism Minister Dr. George Vincent said then while he regretted any inconvenience caused by the closure of La Source, his ministry was committed to working with all parties concerned in the best interest of the tourism industry.
No figures were released regarding the sale of La Source hotel.