Lucayan Renewal Holdings Ltd. has signed an agreement with Electra America Hospitality Group to purchase the Grand Lucayan Resort at a cost of $ 100 million. Deputy Prime Minister and Minister of Tourism, Aviation and Investment Chester Cooper announced today.
“Today is the beginning of the Grand Bahama Renaissance and rebirth,” Cooper said at a press conference in Grand Bahama.
According to Cooper, the deal is subject to a 60-day due diligence period and will expire within 120 days.
Electra America Hospitality Group is a real estate investment company.
“Electra has promised an estimated $ 300 million in construction and refurbishment to rebuild Grand Bahama Resort into an environmentally sustainable luxury resort,” he said.
According to him, the hotel will be redesigned to include luxury lifestyle hotels, luxury convention hotels for groups and convention markets, and all-suite family resorts.
In addition to the refurbishment of casinos operated by world-class casino operators, there are plans to refurbish golf courses.
The government expects the deal to close by this summer. Refurbishment and construction will begin shortly thereafter, according to Cooper.
Cooper said there are 2,000 construction works and 1,000 permanent works.
“We believe this is a victory for the Bahamian people and a victory / victory for the Grand Bahamian people,” he said.
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 an agreement with the Royal Caribbean Cruises Line (RCCL) and the ITM Group, promising to invest more than $ 300 million in project redevelopment and the construction of a cruise port. However, the COVID-19 pandemic delayed and changed the terms of the agreement.
After being elected last September, the Davis administration canceled the deal, claiming it was bad.
https://thenassauguardian.com/govt-enters-agreement-with-american-company-for-grand-lucayan-sale/ The government signs a contract with an American company to sell Grand Lucayan