NASSAU, Bahama — The joint venture purchaser/developer of Freeport’s Grand Lucayan resort last night said it has “secured the required liquidity” for its planned $300m project and will shortly discuss “timelines” with the government, The Tribune reported on May 12.
Robert Shamosh, Holistica Destinations’ chief executive, in an e-mailed response to Tribune Business inquiries reaffirmed the company’s “commitment” to proceeding with an investment deemed vital to reversing Freeport’s years of economic and tourism decline despite COVID-19’s shutdown of the cruise ship industry.
While no specifics in terms of construction start dates and other project milestones were provided, the statement sent by Mr Shamosh said Holistica – the joint venture between Royal Caribbean Cruise Lines (RCCL) and Mexico-based ITM Group – was already in talks with banks and other lenders to secure the necessary project financing.
“Holistica Destinations confirms that we remain committed to, and are moving forward with, the proposed development on Grand Bahama. BPI, Holistica’s subsidiary, recently announced it has secured the required liquidity to develop the Grand Bahama project and is currently working with several financial institutions to secure the financing,” the statement added. “BPI will be meeting in the next couple of weeks with The Bahamas government to further discuss project details and timelines.”
The cruise industry’s global shutdown, and the multi-billion losses sustained by the various lines, are guaranteed to delay any new investment by the sector in projects such as the redevelopment of the Grand Lucayan and Freeport Harbour.
It is so far unclear whether such delays will be one year, two years or even longer, but Mr Shamosh’s comments indicate that the Holistica still intends to proceed with a project that was signed-off by both developer and government just two weeks before the COVID-19 pandemic gripped the entire world. See full story in The Tribune at http://www.tribune242.com/news/2020/may/12/grand-lucayans-buyer-weve-secured-liquidity/
