National

GB’s Future Depends on Grand Lucayan Sale

GRAND BAHAMA, BAHAMAS – The closing date for the sale of the Grand Lucayan Resort has been extended to November but it has many questioning whether or not the deal will actually go through.

Published

3 years ago

October 19, 2022

Italia Hall

GRAND BAHAMA, BAHAMAS – The closing date for the sale of the Grand Lucayan Resort has been extended to November but it has many questioning whether or not the deal will actually go through.

Our News spoke with an attorney, Carey Leonard, who also sat on the board of Lucayan Renewal Holdings Ltd. for three years. He spoke about what may be the reason for the delay of that sale and insists realistic dates should be made public…

The board Carey once sat on is the special purpose vehicle created to oversee the sale and manage the resort’s operations.

He says while the sale of the Grand Lucayan Resort is critical so is the re-development of the Grand Bahama International Airport.

He believes that the slow movement with the airport is one of the reasons for the delay in the sale of the hotel.

Leonard says unfortunately past and present governments have a tendency to put unrealistic timelines on major projects like the Grand Lucayan.

And he says the re-development and sale of the Freeport Harbour is also key to Grand Bahama’s success.

Adding that it was recommended before that the government should acquire the Freeport Habour because Hutchison Whampoa, the foreign company that owns the habour has been negotiating its sale for years.

If these matters are not dealt with in the next two to three years, the attorney has a grim prediction.