Grand Lucayan Deal Sealed? PM Says Government Close to Finalizing

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GRAND BAHAMA, BAHAMAS – Grand Bahama could finally be on the brink of a major comeback, as Prime Minister Philip Davis says the sale of Grand Lucayan is almost a done deal.

This as a long awaited airport overhaul may also follow soon.

Speaking to supporters of his party over the weekend, Davis promised relief for the nation’s second city, nearly four years after Hurricane Dorian’s devastation.

‘No more than I said,” was the response from Prime Minister Philip Davis Monday morning following a loan signing with the Inter-American Bank, when asked about the details surrounding a possible sale for the Grand Lucyan Hotel in Grand Bahama.

His brief response a reference to a Progressive Liberal Party Youth Conclave in Grand Bahama this past weekend, where he announced government is close to finalizing a deal within about two weeks.

And with the island’s stagnant economy compounded by the after shocks of Hurricane Dorian

Davis told supporters relief is on the way.

It’s perhaps the closing chapter in a story filled with turns.

Back in August 2018, the Minnis Administration purchased the resort from Hong Kong Conglomerate Hutchison Whampoa for $65 million.

And despite plans to sell it quickly, was not able to do so.

In 2020, it was announced that Holistica – a joint company of Royal Caribbean and ITM – would redevelop the property and construct a new cruise port.

However, the deal was cancelled after Davis took office in 2021 saying it was not in the best interest of the Bahamian people.

In may 2022, government announced a deal to sell the resort to Electra America Hospitality Ltd. (EAHL) for $100 million but that also fell through.

Fast forward to September last year, Davis said government was in intense talks with a prospective buyer for the resort and that a deal could come within a couple of weeks.

The prime minister also promised development plans for vendors at the Port Lucaya marketplace, along with the redevelopment of the Grand Bahama International Airport (GBIA), adding that the two projects are connected.

As for the sale of Grand Lucayan and whether it will actually materialize, post three failed efforts?

We’ll just have to wait and see.