DPM: Grand Lucayan Buyer By End of Month

NASSAU, BAHAMAS – Deputy Prime Minister and Minister of Tourism Chester Cooper promising the Davis administration will get the best possible deal when it comes to the sale of the Grand Lucayan Resort.

This as he reiterated his claim that the government will have a single buyer selected by the end of the month.

Jasmin Brown reports.

The Deputy Prime Minister says despite the fact that $200 million has been sunken into the Grand Lucayan property since it was purchased by the Minnis administration, the Davis administration is determined to salvage the deal.

Cooper also says the government is seeking to complete the sale of the Grand Lucayan resort in a matter of weeks, as top bidders have been narrowed down to three.

The Minnis administration purchased 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 (RCCL) and the ITM Group, which promised to invest more than $300 million in the redevelopment of the project and construction of a cruise port; however, the COVID-19 pandemic delayed and changed the terms of the agreement.

In December, Cooper announced that the Davis administration canceled the deal with the group and would hold a second request for proposals to find a new purchaser.

When asked about the Davis administration’s ideal sale price for the Grand Bahama hotel, Cooper declined to give figures.