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NEW OWNERS SETTLE IN AT RESORT

Nov. 6, 2003 — Although the sign still stands at the entrance of the premises, the Renaissance Grand Beach Resort is no more. The hotel property, formerly managed by Marriott Resorts, has new owners and a new name.
Palace Resorts St. Thomas, a subsidiary of Mexico-based Palace Resorts, now owns the 290-room hotel, which will be called the St. Thomas Palace Resort.
"The owning company (CTF St. Thomas Corp.) made the decision to sell the property to Palace Resorts," said David Yamada, former general manager of the Renaissance. Yamada did not stay on with the new owners.
The sale was completed Wednesday, and the new management took over on Thursday. The sale ends six years of management by Marriott of the property.
One of the world's leading hotel companies, Marriott controls more than 2,600 lodging properties, according to a company Web site. Its presence will still be felt on St. Thomas with Marriott Frenchman's Reef and Morning Star Beach Resort, properties it still manages, and the Ritz-Carlton St. Thomas, which Marriot owns.
The Economic Development Authority's executive director, Frank Schulterbrandt, said the Renaissance was previously a beneficiary company, but its certificate expired on Dec. 30, 2001. Palace Resorts has not filed for EDC benefits, he said.
Calls to Palace Resort officials and St. Thomas attorney Derek Hodge, who handled the legal aspects of the sale, were not returned on Thursday.

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