NASSAU, Bahamas — A Cabinet minister yesterday voiced optimism that the Grand Lucayan will be “fully turned over” to the ITM Group/Royal Caribbean joint venture before year-end 2020, The Tribune reported on Friday, November 13, in an article written by Business Editor Neil Hartnell.
Kwasi Thompson, minister of state for Grand Bahama, said in his national address that the duo’s partnership, known as Holistica, remains “committed” to the hotel’s transformation and that of Freeport Harbour but the project’s start will be delayed due to COVID-19.
“We are currently reviewing their post COVID-19 development plans and hope to fully turn over the hotel property before the end of the year,” he said, although few specifics or new details were provided.
Tribune Business previously revealed that the Government was hoping to close the Grand Lucayan’s sale by December 10, but this will not happen until Royal Caribbean and its joint venture partner have sealed the deal for Freeport Harbour.
Dionisio D’Aguilar, minister of tourism and aviation, previously confirmed that ITM Group and the cruise line want to seal “the entire transaction at once” to protect their commercial interests and not hand an advantage to either Freeport Harbour Company or the Government.
“We would obviously like to conclude the entire transaction at the same time,” Mr D’Aguilar told this newspaper. “So, yes, ITM wants to conclude the entire transaction at once. They don’t want to close on one part of the deal and the other part of the deal is still pending.”
The minister’s confirmation adds another twist to long-running negotiations that are attempting to get an agreement perceived as vital to Freeport’s economic and tourism revival over the line amid the devastation inflicted by the COVID-19 pandemic.
The ITM Group/Royal Caribbean joint venture, known as Holistica, is understandably reluctant to close the Grand Lucayan’s purchase without first sealing an agreement with Freeport Harbour Company, and its 50 percent shareholder and manager, Hutchison Whampoa. See full Tribune article at http://www.tribune242.com/news/2020/nov/13/grand-lucayan-turn-over-end-20/
