NASSAU, Bahamas — Tourism Minister Dionisio D’Aguilar on Monday described the sale of the Grand Lucayan as on the “cusp” of conclusion, more than one year after a sale and Heads of Agreement was signed between the government and purchasers, The Tribune reported on Tuesday, March 23.
In early March 2020, the Minnis administration along with Royal Caribbean International and ITM Group signed an agreement for a $300m investment to transform the Grand Lucayan. At the time, the move was hailed as a tool to revive Grand Bahama’s beleaguered economy.
Mr D’Aguilar said on progress was slowed due to the COVID-19 pandemic, adding all involved had been pressing for completion.
Meanwhile, RCI President and CEO Michael Bayley stressed that the project was essential for the future growth of not only the company, but its relationship with The Bahamas.
“It has been a challenge to bring this to conclusion just because events on the ground have changed significantly,” Mr D’Aguilar said, during a virtual press conference by RCI marking its return to Bahamian waters this June.
“You will remember in March of 2020 we signed the deal,” Mr. D’Aguilar said. “It was all good to go and then COVID-19 came and changed not only the world but changed cruising, brought it to a dead halt. “So you know if I were to use a baseball analogy, we’re on the third base and on our way to the home plate.”
He continued: “Specific dates and times when you are in the hands of lawyers I found that it always takes a little bit longer than you think but as far as I am concerned using my business cap we’re at the cusp of getting this concluded.”
For his part, Mr Bayley was adamant RCI and ITM were moving “full steam ahead”. He said officials were “excited” about the future of the hotel.
“The pandemic delayed our plans literally. I think it delayed everybody’s plans in every country all over the world,” Mr Bayley said. “I won’t rehash the journey that we’ve all been through but we’re all aware of how devastating this pandemic has been to everybody both personally and professionally. So, yes the pandemic literally pressed pause on this entire project but Royal Caribbean I would say is in the long game.We’re very much focused on the future.”
Mr. Bayley added: “We believe that this project is essential for the future growth, not only of our company but for the relationship with The Bahamas. We are continuing with the project. See complete story in The Tribune at http://www.tribune242.com/news/2021/mar/23/grand-lucayan-sale-cusp-conclusion/
