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Six years after acquiring the 542-room Grand Lucayan resort, the Bahamian government says it has entered into talks with potential buyers for the four-star hotel.
Confirming that he will meet with potential buyers of the Grand Bahama tourism project, Prime Minister Philip Davis told reporters: “I am here again today to fight for the people of Grand Bahama to try to ensure that the potential of the Grand Lucayan property and the associated golf course is unlocked.”
“Right now, there’s nothing we can say except stay tuned,” he said, without identifying the potential buyer.
The property was purchased from Hutchison Whampoa by the Hubert Minnis government for $65 million in August 2018. In November 2022, the Davis government said The deal to sell the resort fell through.
The government previously announced that it had agreed to sell the Grand Lucayan Hotel to Electra America Hospitality Ltd. for $100 million.
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In August 2018, the former Hubert Minnis government bought Grand Lucayan from Hong Kong group Hutchison Whampoa for $65 million.
In March 2020, the government and Royal Caribbean Royal Cruise Lines (RCCL) and ITM Group committed to investing more than $300 million in the redevelopment of the estate and the construction of a cruise port; however, the COVID-19 pandemic delayed and altered the terms of the agreement.
But the Davis administration scrapped the deal, calling it a bad one and promising to find a new buyer.
The current government is looking to sell the resort’s assets as it costs millions of dollars each year to keep parts of it running.
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