Bahamian Investors Welcome For Grand Lucayan

The Davis Administration is open to a Bahamian investor purchasing The Grand Lucayan Resort, according to Deputy Prime Minister and Minister of Tourism Chester Cooper who toured the property in Freeport this week.

It’s no secret the Davis administration is seeking a new buyer for the Grand Lucayan hotel and according to the deputy prime minister, they’re not ruling anyone out. Not even local investors.

Cooper says the government’s ideal investor would have “significant resources”, but also a vision for the property and a shared vision for the development of tourism and the island of Grand Bahama. He went on to say that the government believes the property is key for the future development of Grand Bahama.

Back in 2018, the Minnis administration purchased the resort from Hong Kong conglomerate Hutchison Whampoa. The price tag, $65 million. Two years later in March 2020, an agreement between the government and Bahamas Port Investments Limited was signed and the final buying price was $50 million. The Davis administration announced last month that the sale agreement was canceled.

Now with tourism bouncing back, cooper he says it’s key to get the hotel up and running.