Grand Lucayan Deal Progressing “Satisfactorily”

GRAND BAHAMA, BAHAMAS – Negotiations on the Grand Lucayan deal are progressing “satisfactorily” toward closure, according to the board of Lucayan Renewal Holdings Limited (LRHL).

According to a statement issued Friday, the board of LRHL, “remains committed to ensuring that a credible plan and shared vision for the resort is realized – a plan that will provide jobs, entrepreneurial opportunities and strengthen Grand Bahama’s economy.”

In the first week of August, LRHL and Electra America Hospitality Group announced that the due diligence period was extended by 45 days to September 15, with the final closing date extended to November 15, 2022.

The board notes: “There are matters connected to the transaction that are still being negotiated; we look forward to briefing the public as soon as negotiations are concluded.”

The $100 million sale of the Grand Lucayan resort was announced in May, promising to transform the resort into an environmentally sustainable luxury resort.