National

$165M Heads of Agreement Signed for Royal Beach Club

NASSAU, BAHAMAS – The Davis administration putting pen to paper on a $165 million Heads of Agreement for the Royal Caribbean International’s Royal Beach Club on Paradise Island.

Published

2 weeks ago

April 22, 2024

Berthony McDermott

NASSAU, BAHAMAS – The Davis administration putting pen to paper on a $165 million Heads of Agreement for the Royal Caribbean International’s Royal Beach Club on Paradise Island.

Royal Caribbean President and CEO is Jason Liberty.

The project will provide 200 jobs for Bahamians and according to Prime Minister Philip Davis, Bahamians will own up to 49 percent equity in the project.

Davis praised the development.

The project will also see Bahamian boutiques and a joint venture with a Bahamian-owned entity to operate a water taxi business.

Immediately following the heads of agreement for the 17-acre property, the prime minister along with RCI executives headed to the Paradise Island site.

The land has been the subject of controversy as local businessman Toby Smith has been in a court battle with RCI over the land.

Deputy Prime Minister and Minister of Tourism Chester Cooper was also on hand for the signing and groundbreaking. He says RCI has been a reliable partner, bringing more than 1.6 million visitors to the Nassau Cruise Port in 2023.

He says the project is another opportunity for Bahamians to invest.