The Bahamas Government in talks to sell Grand Lucayan resort
Key Points(5)
- Six years after it acquired the 542-room Grand Lucayan resort, the Bahamas government says it has held talks with a prospective buyer for the four-star facility.
- Prime Minister Philip Davis has confirmed the meeting with the prospective buyer for the Grand Bahama tourist plant, telling reporters "I'm here today again fighting for Grand Bahamians, trying to ensure that I unlock the potential of the Grand Lucayan properties and the associated golf courses".
- "Right now, we have nothing more to say, but just stay tuned," he said, without disclosing the prospective buyer.
- The property had been acquired under the Hubert Minnis administration from Hutchison Whampoa in August 2018 for US$65 million.
- The former Hubert Minnis administration bought Grand Lucayan from Hong Kong conglomerate Hutchison Whampoa in August 2018 for US$65 million.
Six years after it acquired the 542-room Grand Lucayan resort, the Bahamas government says it has held talks with a prospective buyer for the four-star facility.
Prime Minister Philip Davis has confirmed the meeting with the prospective buyer for the Grand Bahama tourist plant, telling reporters "I'm here today again fighting for Grand Bahamians, trying to ensure that I unlock the potential of the Grand Lucayan properties and the associated golf courses".
"Right now, we have nothing more to say, but just stay tuned," he said, without disclosing the prospective buyer.
The property had been acquired under the Hubert Minnis administration from Hutchison Whampoa in August 2018 for US$65 million. In November 2022, the Davis administration said that a deal to sell the resort had collapsed.
The government had earlier announced that it had agreed to sell Grand Lucayan to Electra America Hospitality Ltd. for US$100 million.
The former Hubert Minnis administration bought Grand Lucayan from Hong Kong conglomerate Hutchison Whampoa in August 2018 for US$65 million.
In March 2020, the government signed heads of agreement with Royal Caribbean Cruise Lines (RCCL) and the ITM Group, which promised to invest more than US$300 million in the redevelopment of the property, and construction of a cruise port; however, the COVID-19 pandemic delayed and changed the terms of the agreement.
But the Davis administration canceled the deal, calling it bad, and promised to find a new buyer.
The current government is seeking to sell off the property given that millions of dollars are spent annually to keep a portion of the resort operational.
