Concern Over Grand Lucayan $150 Million Price Tag

As the government seeks $150 million for the Grand Lucayan Resort on Grand Bahama, some people are questioning could that price be a bit too high?

Some Grand Bahama businessmen feel there is cause for concern.

Despite their desire to just have the sale of the hotel completed, some Grand Bahama businessmen are questioning if the $150 million government is seeking for the Grand Lucayan is a bit much. Tourism and Investments Minister Chester Cooper said the prime beachfront property is a magnificent sight and there are six potential buyers interested. A short list is expected in six weeks.

One Grand Bahama businessman said the whole island is looking forward to the completion of a deal, as many businesses in the area are depending on the economic boost it’ll bring.

The Minnis administration purchased the resort in 2018 for $65 million and has spent more than $1.2 million per month in operational costs. The Davis administration last month canceled the agreement in place with Holistica, saying it was a bad deal for the Bahamian people. Opposition Leader Michael Pintard has said the new buyer must have “deep pockets”.

Grand Bahama Chamber of Commerce President Gregory Laroda says at this point, three years later, Grand Bahamians just want the resort sold.