NASSAU, Bahamas — A well-known Freeport marina is “under contract” to be sold as part of a deal involving construction of a new 200-unit condo hotel, Tribune Business confirmed yesterday.
James Sarles, principal of James Sarles Realty, said the Port Lucaya Marina’s pending acquisition by a Florida-based investor was one of several investments that could “return Freeport to life in 2022,” The Tribune reported on Tuesday, February 15, in an article written by Business Editor Neil Hartnell.
He said the marina deal, together with projects such as Doctors Hospital’s planned Grand Bahama expansion, the Western Atlantic University Medical School and the O2 Resort development, had left Freeport “at the precipice for the first time” when it came to significant economic growth.
With this activity somewhat contradicting recent comments by the Prime Minister suggesting that investor interest in Grand Bahama was “waning”, Mr Sarles suggested Philip Davis QC may have been seeking to “light a fire to get everything moving”.
The realtor, who represented Port Lucaya Marina’s purchaser in the deal, said: “Officially, it’s under contract. There’s still some work to be done, and things to do with the Port Authority, but it’s a great opportunity for Grand Bahama because it’s someone in the marine business and will transform the whole Port Lucaya area.
“It’s going to have yachts, and it’s going to bring jobs and activity here. It’s a serious, serious player. It’s real. It’s very exciting. I can confirm it’s under contract, but I cannot release the name. It’s someone who has the funds and the vision to truly transform the Port Lucaya Marina and adjacent properties.
“I’m here looking at the Port Lucaya Marina now. It’s sad, it’s empty. We need the hotel (Grand Lucayan), marina and Marketplace working together. I think this is a start; a catalyst of good things to come. I know they’re [the buyer] very strong in the yacht business. That’s what’s exciting. It’s someone who brings something to the table in terms of future business.”
While Mr Sarles did not divulge the purchaser’s identity, this newspaper understands its principal is a US, Florida-based investor with a strong background in the real estate and resort industries, and whose family has strong connections with The Bahamas and Caribbean. He is said to have been involved with billions of dollars worth of real estate sales and resort-related condo projects.
Preben Olsen, the Scandinavian investor who owns the Port Lucaya Marina via his New Hope Holdings entity, did not return Tribune Business calls or messages seeking comment on the sale before press time last night.
However, sources familiar with the transaction, and speaking on condition of anonymity, confirmed the sales agreement had been signed and that both parties were now working towards completing the necessary due diligence and legal documents so it can close. No details on the purchase price were provided.
Besides reviving the marina, which was closed after boating/yachting traffic dried up due to COVID-related restrictions and border closures, this newspaper understands that the purchaser’s plans also call for the development of a new 200-unit condo hotel on the Port Lucaya Hotel site.
These details were divulged in a note issued by the Dupuch & Turnquest law firm to its investor clients and other parties, which has been obtained by Tribune Business. Titled First time in 17 years, the note says: “I wanted to advise you that Freeport has good news on the tourism development front.” See complete Tribune article at http://www.tribune242.com/news/2022/feb/15/marina-sale-huge-boost-freeport-us-developer-buys-/
