NASSAU, Bahamas — The Grand Lucayan’s chairman yesterday confirmed a preferred bidder for the resort is likely to be announced this week with the Board set to submit its recommendations imminently, The Tribune reported March 26.
Michael Scott told Tribune Business that the Grand Lucayan Board was currently finalising its submission to the Government as he warned time is running out for the resort’s managers and their representatives to accept what he branded as a “super generous” payout offer.
He argued that the Bahamas Hotel Managerial Association (BHMA) members and their president, Obie Ferguson, faced a choice of taking the collective $3.2m voluntary separation package (VSEP) currently available from the Government or walking away with much less after the Grand Lucayan is sold and they are terminated.
Confirming that the Grand Lucayan’s Board met on Friday to discuss the assessment conducted on the best three to four purchase offers by Colliers, the Canadian-headquartered real estate firm, Mr Scott said he and his fellow directors were now completing their own report and conclusions for the Government.
“We’re in the process of doing that right now, but otherwise my lips are sealed,” he told Tribune Business, declining to comment further or identify the likely preferred bidder. Mr Scott and the Board had previously set end-March as the deadline for identifying a preferred bidder and submitting their proposal to the Government – a timeline that will be hit by the end of this week. http://www.tribune242.com/news/2019/mar/26/decision-imminent-lucayan-deal/
