Government Signs Heads Of Agreement For Grand Lucayan Sale

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GRAND BAHAMA, BAHAMAS – There was standing room only in the ballroom at the Grand Lucayan Resort as the Davis Administration inked a deal for the sale of the Grand Lucayan Resort.

Seven years after the former Minnis Administration bought the resort, the Davis Administration sold the resort for $120M to Concord Wilshire.

The U.S.-based company has been developing, constructing, and investing in distinguished real estate assets in major or emerging markets throughout the United States since 1992 and has won awards in the sector.

Prime Minister Philip Davis said, “The redevelopment is an $827 million investment.”

He added that, “The construction phase will see 1,300 jobs and 1,750 permanent jobs.”

Concord Wilshire President Nate Sirang said, “The seven-cylinder plan will see a 35-acre cruise ship destination resort and a 25,000-square-foot indoor and outdoor poolside casino.”

“But that’s not all,” he continued. “It will also boast a 16-slip mega yacht marina and the integration of the property with the Port Lucaya Marketplace.”

Deputy Prime Minister and Tourism Minister Chester Cooper called the signing “a strategic move for the economy of Grand Bahama.”