NASSAU, Bahamas — Cabinet is set to mull the terms of the Grand Lucayan purchase as early as today with the final sale price remaining $65 million, The Nassau Guardian understands.
Reportedly, the proposed deal calls for the government to come up with a portion of the money by the time the sale closes.
The government would enter a legal mortgage purchase agreement with Hutchison Whampoa to cover the majority of the $65 million over seven installments.
The mortgage payments could be around $5 million per payment, according to information received by The Guardian.
It was unclear whether the government or Hutchison will come up with severance payments for staff. https://thenassauguardian.com/2018/08/14/mortgage-eyed-for-hotel-sale/
