The Nassau Palm Hotel is 99.99 percent in the hands of a well-known U.S. hotel chain, according to an attorney spearheading the deal.

 Valentine Grimes, the lawyer representing Nassau Palm, said the long-awaited transaction was progressing sufficiently and should close today.

 "We are 99.99 percent completed. All indications are it's a go," he told Guardian Business. "All preparations are being made for completion of the sale and I think the important issue is all employees will be paid amounts that they are entitled to."

 Grimes said that there are 50 Bahamian workers at the hotel and all should get full wages and severance pay. Guardian Business has learned that the hotel's new management plans to terminate all workers at the time of purchase and start fresh.

 Nassau Palm, located across from Junkanoo Beach, is an older property that should soon receive a major face lift.

 "They will refurbish it, but I don't think they will tear it down. They will simply go tower by tower, floor by floor," he told Guardian Business.

Grimes said he could not reveal the buyers, although he hinted that they do plan to brand the property as part of a major U.S. hotel chain, possibly in the league of Best Western, Hilton and Sheraton.

 Attorneys representing the U.S. buyers did not respond to requests for comment.

 The addition of a well-known hotel brand along that stretch of Bay Street could mean a considerable boost for the area, which has undergone a considerable revitalization in recent years.

 Office buildings and businesses in the area are now at various stages of renovation.

 The new Sparta restaurant, just down the street, is a culinary extension of the El Greco Beach Hotel. The restaurant was completely renovated in recent years and is owned by Philip Davis, the son of Deputy Prime Minister Philip Brave Davis.

While Grimes is pleased that the Nassau Palm deal is finally going through, he expressed disappointment that the buyers were not Bahamian.

"I think they got a good price, but the unfortunate part is it was on the market for so long and no Bahamian stepped up," he said.

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