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No. Currently the onsite team at Loreto is unchanged and includes Beck and the Loreto Bay Construction group.
Yes, the Company is working actively with Cushman & Wakefield, an internationally recognized real estate service firm, to assist in locating a buyer and effectuating a sale of the Project or in securing additional equity for the Project. However, specifics on the status of the sale are not available at this moment.
Currently there have not been any changes to the onsite team. However, future decisions for the Project will depend upon the plans put into place by the new buyer or equity contributor.
The golf course is currently open with nine (9) playable holes. Continuing financial support to the Inn, golf course, and other amenities is a decision that will be made by the new buyer or equity provider.
The Company is actively seeking a buyer or additional equity source, in order to improve on the Project’s financial condition.