DPM Cooper Table Communication on Sale of Grand Lucayan at Parliamentary House

Book.Chester Cooper – Tourism, Investment, Aviation

NASSAU, Bahamas-Deputy Prime Minister and Minister of Tourism, Investment and Aviation. Chester Cooper communicated at the Parliamentary House on Monday, May 16, 2022 regarding the sale of the Grand Lukayan Resort.

This follows a major announcement last week at Freeport, Grand Bahama, that the government has secured a partner to buy real estate.

On May 11, the Government of the Bahamas and Electra America signed a memorandum of understanding and agreement regarding the purchase of Grand Lukayan Resort.

“There is no overnight solution to the Grand Bahama economy, and there is no single remedy for the Grand Bahama economy’s bog,” the minister told Congress.

“But what is clear is that tourism is an important part of Grand Bahama’s advancement and we need to approach the situation systematically with the bird’s eye, but we intend to place all the elements. The driving force behind our mission was to do our best for the people of the Grand Bahama, and in that sense we believe we were successful, “he said.

According to the Deputy Prime Minister, “We have found the people of the Grand Bahama, a socially responsible partner to work with the Ministry of Grand.

The Bahamas and the government will provide employment, support the development of entrepreneurs, and support the long-term vision of the Tourism Development Corporation.

“We are very proud of what we have achieved so far, and there is much more to be done in the Grand Bahamas and the Bahamas under this New Day administration.

The government has accepted an Electra purchase offer for the $ 100 million Grand Lukayan Resort. The $ 5 million prepayment will be paid at the same time as the final purchase agreement is signed and will not be refunded at the end of the 60-day due diligence period. In addition, the $ 95 million balance agreed within 120 days of signing the memorandum will be paid at the time of closing.

“The government has promised a standard concession under the Hotel Encouragement Act,” the minister confirmed, with Electra undergoing an estimated $ 300 million refurbishment to rebuild Grand Lukayan Resort into an environmentally sustainable luxury resort. He added that he promised.

“Electra not only plans the resort, but also has a vision for the future in Grand Bahama, including economic and community-wide growth,” he said.

Electra is working on a luxury lifestyle hotel and all refurbishment and construction is expected to be completed by January 1, 2025.

The reconstruction and reopening of the resort is expected to create approximately 2,000 construction jobs and 1,000 permanent jobs.

“At least 80 percent of all work is going to the Bahamans,” said the Deputy Prime Minister. DPM Cooper Table Communication on Sale of Grand Lucayan at Parliamentary House

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