The Pink Beach Club has yet to be sold, despite Government concessions approved earlier this year to support the property’s sale.

However, Tourism Minister Shawn Crockwell said the Bank of Butterfield was in the “advanced stages” of negotiation with another party for the sale of the property.

In July, Government passed $5.6 million in tax concessions to support the sale of the property to PBC Holding Ltd for $12.5 million.

The company had said it planned to convert the Smith’s property into a five-star resort with more than 200 employees by the end of 2015.

But responding to questions by Shadow Tourism Minister Wayne Furbert, Mr Crockwell told the House of Assembly that despite the concessions PBC Holding Ltd had not signed an agreement with the bank to purchase the property.

However, he added: “Our ministry has been informed by the Bank that they are in the advanced stages of negotiations with another developer for the purchase of the Pink Beach Club.”

Asked about the Government’s role in carrying out due diligence prior to putting forward concession orders, Mr Crockwell said: “The bank chooses the preferred developer.

“We were advised that their preferred developer was the developer pursuant to the development order. We were asked in negotiations to support that development with a concession order.

“This Government will do all it can to facilitate hotel development in this country.

“Caveats are contained throughout the hotel concession order. No concessions are provided until certain conditions are met, particularly the commencement of development and the like.”