NASSAU, Bahamas — The government has canceled the sale of the Grand Lucayan resort in Grand Bahama to Royal Caribbean Cruise Lines (RCL) and the ITM Group, Minister of Tourism, Investments and Aviation Chester Cooper said yesterday (Dec. 21), saying the deal was not in the best interest of Bahamians, The Nassau Guardian reported on Wednesday, December 22.
“This is a major step forward as it now allows the board of Lucayan Renewal Holdings Limited to negotiate directly with other suitors,” Cooper said in a statement. “Thankfully, there are several noteworthy entities that have a credible interest in the property.”
The statement added: “The ideal candidate in our view is an entity with significant resources and a clear vision for the properties that is aligned with the Ministry of Tourism’s vision and the long-term strategic plan for Grand Bahama as a destination.
“We do not plan to belabor this process. The Grand Lucayan resort has already cost taxpayers well in excess of $150 million. Talks with other potential investors will start shortly.”
However, Bahamas Ports Investments Ltd. (BPI), a joint partnership between RCL and ITM, is still committed to the development of a port facility in Freeport, Cooper said.
The agreement between the government and BPI was signed in March 2020 under the Minnis administration and the final buying price was $50 million.
The redevelopment of the property was set to start this year but the COVID-19 pandemic delayed and changed the terms of the agreement. See complete article in The Nassau Guardian at https://thenassauguardian.com/grand-lucayan-deal-canceled/
