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This morning I am pleased to announce the conclusion of negotiations between FINSAC Limited and Sandals Resorts International for the lease of the Ciboney Ocho Rios Hotel to Rios Hotel Management Limited, a member of the Sandals Group. The lease will be for three years, and has an effective start date from September 1, 2000 yielding monthly rental of US$180,000 for the period. Sandals will have the option to purchase the property and related assets exercisable within three years at a price of US$17.5million. If the option is not exercised within three years, the purchase price will be determined in accordance with a fixed formula set out in the agreement between the parties. As had previously announced, Sandals took possession of the property earlier this year to commence renovation work to enable the re-opening of the hotel in time for the winter tourist season, which begins today. Today's signing is therefore the culmination of months of activity and negotiations on both sides in order to make it a reality and I wish to express my appreciation to all concerned for the positive spirit in which the negotiations were conducted.
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