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Acting PM: Too Many Delays In Grand Lucayan Talks

GRAND BAHAMA, BAHAMAS – Acting Prime Minister Chester Cooper weighing in on the huge setback of the highly anticipated sale of the Grand Lucayan Resort.

Published

2 years ago

November 13, 2022

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GRAND BAHAMA, BAHAMAS – Acting Prime Minister Chester Cooper weighing in on the huge setback of the highly anticipated sale of the Grand Lucayan Resort.

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.

But as with many projects over the past 2 years the COVID-19 pandemic impacted the agreement.