The Bahamas – It has been announced today that a luxury resort in The Bahamas; Grand Lucayan, has been sold following a Heads of Agreement Signing Ceremony that took place at the start of this week.
The deal, involving the previous owners; Government of The Bahamas and a new partnership between Royal Caribbean International and ITM, will see an estimated two-hundred and fifty million dollars worth of investment in the hotel and nearby cruise port.
The government’s Prime Minister since 2017 Hubert Minnis reiterated that when it purchased the resort in a bid to save jobs, it never intended to keep the property on:
“As we stated at the time, it was our intention to privatize the property as quickly as possible. We wanted to ensure that we found the right buyer who shared our vision for the renewal of Grand Bahama. Our vision was the renewal and rebirth of Grand Bahamas’ tourism sector and product as an essential element in the restoration of this island’s potential.”
Minnis elaborated on why the deal was agreed with the two firms:
“I am pleased that Royal Caribbean Cruise Line and the ITM Group, trading as Bahamas Ports International, share our vision and decided to invest in the long-term future and sustainability of Grand Bahama. The Developer shared their vision of reinventing the tourism product for land-based guests arriving by air and those arriving by cruise and ferry ships with a distinctive Bahamian flavour and characteristics.”
Dionisio D’Aguilar Minister of Tourism and Aviation also passed comment about the excitement surrounding the deal and what it will mean for the future of the venue:
“I am extremely excited that the intended purchasers of this hotel are Royal Caribbean and the ITM Group. Between them they are well funded to bring to the table a great deal of experience in the tourism sector and have a proven track record of successful projects.”
‘The development projected for the Grand Lucayan will bring about a total transformation of the resort. Hundreds of millions of dollars will be invested into the property to refurbish, renovate, reconstruct 500 rooms in Phase One and another 500 rooms along with 500 villas in Phase Two. Additional features will include a new casino, a spectacular water theme park and a new shopping, restaurant and retail centre.’