NASSAU, Bahamas –The Government’s $65m Grand Lucayan purchase is due to close on September 11, with the Hotel Corporation’s chair pledging: “This is not going to be a haemorrhage of taxpayer funds”, The Tribune reported August 23.
Michael Scott, confirming the acquisition price remains the same as that agreed by former buyer, the Wynn Group, yesterday revealed to Tribune Business that the Government is setting up another special purpose vehicle (SPV) to purchase and own Freeport’s “anchor” hotel property.
With KP Turnquest, deputy prime minister, previously telling this newspaper that the purchase will be financed by borrowing, the SPV structure will enable the Government to keep any debts incurred off its balance sheet. http://www.tribune242.com/news/2018/aug/22/govts-grand-lucayan-deal-to-close-sept-11/?news
