The Government of Saint Lucia is continuing its global search for investors in reviving the Le Paradis hotel project on the east coast.

The 500-acre project was to house an expansive hotel and gold club property of international repute. The property was already partially built when construction was abruptly cut short after the collapse of CLICO, the Caribbean insurance conglomerate.

The Trinidad-based branch of CLICO currently owns the Le Paradis property, and has set an asking price which sources say is deterring investors because it is too high.

Since then, the Government of Saint Lucia has been courting international and regional investors to continue the project; and has had discussions with the Government of Trinidad and Tobago, to encourage CLICO to reduce its asking price. So far, the interventions of the two governments have been unrewarding.

According to Radio Saint Lucia (RSL) news, government continues to court CLICO at the highest level in the hopes that the financially-troubled regional conglomerate will be willing to lower its asking price, which would also allow it to be in a better position to pay back its investors in Saint Lucia and other OECS and CARICOM territories.

Plans for the hotel included a golf course, marina, tennis center, single family residential lots, condominiums and villas.