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Minnis Administration’s Decision to Buy Grand Lucayan Wasn’t a Mistake

NASSAU, BAHAMAS – The Grand Lucayan Resort was back in the headlines as former tourism minister, Dionisio D’Aguilar, defended the original decision to purchase the property.

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1 hour ago

March 23, 2026

Delvardo Emmanuel

GRAND BAHAMA , BAHAMAS – The Grand Lucayan Resort was back in the headlines, as the former tourism minister defended the original decision to purchase the property.

It came as questions continued to mount over whether the current administration has been able to deliver on its promise to sell and redevelop the resort.

Our Delvardo Emmanuel reports.

Dionisio D’Aguilar – Former Tourism Minister

“At the time when we budgeted the hotel, there were credible buyers on the table. We signed a deal and then COVID came and scuttled it. So it’s unfortunate, but I don’t think that our decision to buy it was a mistake. We had to try. There were certainly investors who were interested in 2018, and we had a deal signed before COVID kicked in.”

Former Tourism Minister Dionisio D’Aguilar defended the Minnis administration’s decision to purchase the Grand Lucayan, saying at the time there were credible buyers at the table and a sale agreement had already been signed before the COVID-19 pandemic derailed those plans.

The Minnis administration purchased the Grand Lucayan Resort in Grand Bahama for $65 million in 2018 to prevent its closure.

Speaking with Our News following the Free National Movement’s campaign launch Saturday, D’Aguilar, who served as tourism minister in the Minnis-led administration, said the original purchase was a risk worth taking.

Dionisio D’Aguilar – Former Tourism Minister

“I admit it, and we were going to sell it, and we had a deal in place. Obviously COVID came along and scuttled that deal, but over four and a half years they say they sold it twice and we have not seen any results from that.”

Back in May, the Davis administration signed a $120 million agreement with Ancient Waters Bahamas Limited, a subsidiary of Concord Wilshire Capital, for the sale and redevelopment of the Grand Lucayan Resort.

But since then, there has been no movement. When asked to comment on the Davis administration’s handling of the project, D’Aguilar had this to say.

Dionisio D’Aguilar – Former Tourism Minister

“The government’s handling of the Grand Lucayan deal has been peppered with optimism that hasn’t brought any results. We haven’t moved forward. It’s still owned by the government, it’s still losing a lot of money, and it’s not creating any employment opportunities for the Bahamian people.”

The former tourism minister argued Grand Bahama’s recovery hinges on attracting a major investor capable of delivering the kind of development needed to revive the island’s tourism product.

Dionisio D’Aguilar – Former Tourism Minister

“Grand Bahama doesn’t have an anchor hotel. You need an anchor hotel. You need something substantial. You need significant investment to create a destination. That’s what Grand Bahama needs. It needs significant investment. You need an investor like a Solomon Kerzner or a Sarkis Izmirlian to come in with significant capital, not borrowing money. If you’ve got to come in and borrow money, it ain’t going to work.”