DPM: Lucayan Deal Close To Being Finalized

NASSAU, BAHAMAS – Government is close to concluding negotiations with Royal Caribbean for the sale of the Grand Lucayan Resort, according to Deputy Prime Minister Chester Cooper.

Jasmin Brown tells us more.

The Deputy Prime Minister and Minister of Tourism giving an update on the Grand Lucayan sale outside Cabinet this morning after being mum on the matter for several weeks.

Just last week, President and CEO of Royal Caribbean International Michael Bayley expressed optimism about the deal.

The Minnis administration purchased the Grand Lucayan Resort from Hong Kong Conglomerate Hutchison Whampoa in August 2018 for $65 million and made plans to sell the property to Royal Caribbean and the ITM Group for its redevelopment.

However, the deal has yet to be finalized more than a year after the heads of agreement was signed.

In late September, Cooper said he believes the Grand Lucayan deal is an “egregiously bad” one that has cost taxpayers roughly $200 million so far.

The DPM said his views on the deal haven’t changed, however, he noted that The Bahamas has a longstanding relationship with Royal Caribbean.

The Minnis administration had originally pegged early 2021 for the redevelopment to begin.

But the COVID-19 pandemic delayed and changed the terms of the agreement.