NASSAU, Bahamas — Lucayan Renewal Holdings Ltd. has entered into an agreement with Electra America Hospitality Group for the purchase of the Grand Lucayan resort at a cost of $100 million, Deputy Prime Minister and Minister of Tourism, Aviation and Investments Chester Cooper announced today, The Nassau Guardian reported on Wednesday, May 11.
“Today is the beginning of the renaissance and rebirth of Grand Bahama island,” Cooper said during a press conference in Grand Bahama.
Cooper said the agreement is subject to a 60-day due diligence period, with closing no later than 120 days.
Electra America Hospitality Group is a real estate investment firm.
“Electra has committed to an estimated $300 million in construction and renovation to rebuild the Grand Bahama resort into an environmentally sustainable luxury resort,” he said.
He said the property will be redesigned to include a luxury lifestyle hotel, an upscale convention hotel to cater to groups and the convention market, along with an all-suite family resort.
The refurbishment of the golf course is also planned, in addition to a renovated casino managed by a world class casino operator.
The government expects the deal to be completed by this summer. Cooper said renovations and construction are expected to start shortly thereafter.
Cooper said there will be 2,000 construction jobs and 1,000 permanent jobs.
“We believe this will be a win for the Bahamian people and a win/win for the people of Grand Bahama,” he said. See complete article in The Nassau Gurdian at https://thenassauguardian.com/govt-enters-agreement-with-american-company-for-grand-lucayan-sale/
