Sandals Resorts International purchased the 100-room LaSource Resort in Grenada, making the property Sandals' first in Grenada and the 14th in its portfolio.
The resort closed on Oct. 15 due to financial difficulties.
"After looking to expand in Grenada for more than a decade, we are delighted to confirm the acquisition of our first resort in Grenada," said Butch Stewart, Sandals chairman.
The property on Pink Gin Beach on the southern tip of the island will be renamed Sandals LaSource Grenada Resort & Spa, and will reopen when Sandals completes enhancements, including the addition of 100 guestrooms, private cottages and bungalows with concierge and private butler services.
Additional enhancements will include signature dining restaurants, a new infinity pool and swim-up bar, a fitness center, a Red Lane spa and entertainment lounges.
LaSource, which had reopened in 2008 following a multi-year closure due to damage from Hurricane Ivan in 2004, had been owned by Liberty Club Ltd., a company headed by Leon Taylor. Elite Island Resorts had provided marketing and representation services since 2010. Follow Gay Nagle Myers on Twitter @gnmtravelweekly.