Nearly three months after the Emerald Bay Resort in Exuma closed its doors, Sandals has finalized its purchase of the property, it was announced yesterday.

The joint receivers of EBR Holding Limited reported that a contract for sale was exchanged four weeks ago. A statement said Sandals worked diligently to secure the necessary government approvals which have cleared the way for the completion of its purchase of the resort.

The statement added, "In accordance with the decisions taken previously to dismiss all staff of the resort upon the closing of the resort facilities, the remaining staff of approximately 90 people have also been terminated."

It said Sandals is taking "immediate steps" to re-employ the staff on short-term contracts.

Emerald Bay was home to the Four Seasons resort, which employed more than 500 people (83 managers and 442 line staff), most of whom were left jobless after the property's closure.

Many Exumians had anxiously awaited a sale announcement as the resort was widely viewed as the engine that drove Exuma's economy.

As noted in the joint receivers' press statement, the sale ends considerable speculation over the resort's future following the commencement of the receivership in 2007 and the various failed bids to purchase the resort.

Russell Downs and Clifford Johnson of PricewaterhouseCoopers (which was monitoring the property's sale for its secured creditor Mitsui Corp.) said: "We are very pleased that certainty now exists for the future of the resort and that Mitsui's stated intention to realize its interest has been met.

"The receivership process has lasted longer than expected, encountered severely deteriorating market factors and experienced a number of purchasers who couldn't follow through on their commitments to buy the property. All of this is now behind us with the sale of the resort to Sandals."

They also said, "Since the receivership began, all of the resort employees have worked tirelessly to continue business as normal and worked to very professional standards particularly when the decision was taken to close the resort as a Four Seasons hotel. We are very grateful to them for their contribution and also to the government who has worked constructively with Sandals to ensure their approval has been received in time."

The statement from the joint receivers said the terms of the deal are confidential but added that Sandals bought the assets only, and the resort will not reopen as a Four Seasons property.

The receivers said they do not intend to make any further comment on the transaction.

By CANDIA DAMES ~ Guardian News Editor