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Grand Lucayan Buyer’By the end of the month’

The government plans to select buyers for Grand Bahama’s Grand Lukayan Resort by the end of the month, Tourism Investment Aviation Minister Chester Cooper said yesterday, with 1,000 employees likely to be hired to redevelop the property. He added that there is.

Cooper said the government is considering three substantive proposals from potential buyers.

He said any offer would be “acceptable” to the government.

“We want the best results for the Bahamian people,” he told reporters before the weekly cabinet briefing.

“I’ve always said that it’s a combination of check size, resort vision, and Grand Bahama’s shared vision, so I’m looking for the right partner. I want to get this right. We’re very We are learning from the mistakes of the previous administration that the last deal was at the table.

“So we will be very cautious to make good deals with the Grand Bahama economy and the people of Grand Bahama. By the end of April, I think we will determine the only candidate to sign an exclusive contract. . “

Cooper said 500 to 1,000 jobs will be available during the construction phase of the redevelopment.

He said the government expects that stage to take 18 months.

“We want a step-by-step approach to keeping the employment of Lighthouse Point employees without losing a room at Lighthouse Point (one of the hotels that make up the property). Other stages of the resort [are] It’s under development, “Cooper said.

“That is, there are a lot of moving parts. We are still cautiously optimistic about the results. But we can say that we have three bidders. All three of these are Bahamian people, I think the people of Grand Bahama will be accepted by the Bahamian government. “

The government completed a month-long request for proposal last month. According to Cooper, five bidders were invited to present ideas to the Lukayan Renewal Holdings Board of Directors on how to transform and redevelop a 740-room resort.

The Minis administration purchased real estate from Hong Kong’s conglomerate Hutchison Whampoa in August 2018 for $ 65 million.

In March 2020, the government signed a summit agreement with the Royal Caribbean Cruises Line (RCCL) and the ITM Group. The ITM Group has pledged to invest more than $ 300 million in the redevelopment of assets and the construction of cruise ports. However, the COVID-19 pandemic delayed and changed the terms of the agreement.

After being elected last September, the Davis administration canceled the deal, arguing it was bad and promised to find a new buyer.

Cooper said in January that he hopes to sell the resort for $ 150 million after the government secures buyers.

He said yesterday that the Bahamian government has already spent about $ 200 million on real estate.

When asked if the current offer could cover the government’s investment after 2018, Cooper replied, “We will do our best to give the Bahamian people the best possible results.” ..

He did not indicate whether the current offer would exceed the $ 50 million sale price of the Minis administration.

https://thenassauguardian.com/grand-lucayan-buyer-by-end-of-month/ Grand Lucayan Buyer’By the end of the month’

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