National

Too Many Delays in Grand Lucayan Talks

NASSAU, BAHAMAS – Another major setback in the sale of the ailing Grand Lucayan Resort. The deal with Electra America Hospitality Ltd. has fallen through.

Published

2 years ago

November 8, 2022

Marlena Leonard

NASSAU, BAHAMAS – Another major setback in the sale of the ailing Grand Lucayan Resort. The deal with Electra America Hospitality Ltd. has fallen through.

Acting Prime Minister Chester Cooper weighing in on the huge setback of highly anticipated sale of the Grand Lucayan Resort.

A press release issued Monday night outlined the collapse of the latest attempt to sell the Grand Lucayan.

Cooper says the global economic downturn and inflation played a role in the hesitation from Electra America Hospitality Ltd.

The Grand Lucayan has seemingly been a hard sell with neither the Minnis administration nor the Davis administration finding themselves successful in selling the landmark property.

The Minnis administration bought the resort from Hong Kong conglomerate Hutchison Whampoa in august 2018 for $65 million.

In March 2020, the government signed a heads of agreement with Royal Caribbean Cruise Lines and the ITM Group, which promised to invest more than $300 million in the redevelopment of the property, and construction of a cruise port.

But as with many projects over the past two years, the COVID-19 pandemic impacted the agreement.

But the acting prime minister says just because the hotel has not been sold, doesn’t mean progress isn’t being made.