NASSAU, BAHAMAS — The Board of Lucayan Renewal Holdings said yesterday that Grand Lucayan deal is progressing toward closure, revealing that the final closing date had been extended to November 15.
The Board of Lucayan Renewal Holdings Limited (LRHL) said in a statement yesterday that negotiations toward a successful deal on the Grand Lucayan Resort “continue to progress satisfactorily.”
It added, “It was announced in the first week of August in a joint statement with Electra America Hospitality Group that the due diligence period was extended by 45 days to September 15.
By virtue of this, the final closing date was also extended to November 15, 2022. We note that the recent seven-day extension did not impact the agreed November closing date. We anticipate that the sales process will be completed consistently with our revised timelines. The Board of LRHL remains committed to ensuring that a credible plan and shared vision for the resort is realized – a plan that will provide jobs, and entrepreneurial opportunities and strengthen Grand Bahama’s economy.”
Despite growing skepticism regarding the proposed sale to the Electra America Hospitality Group for $100 million, the Board of LRHL said, “We remain on track for a successful purchase and signing of a Heads of Agreement, in the best interest of the people of Grand Bahama. There are matters connected to the transaction that is still being negotiated; we look forward to briefing the public as soon as negotiations are concluded.”
Electra America has committed to providing an estimated $300 million in construction and renovation funding to rebuild the Grand Bahama resort.
The construction phase is expected to produce 2,000 jobs, with another 1,000 permanent jobs expected once the resort is fully reopened.
Attorney Michael Scott QC, the former lead negotiator of the committee to sell the Grand Lucayan Hotel recently suggested to Eyewitness News that the purchaser was likely seeking commitments from the government regarding the redevelopment of the Grand Bahama International Airport.
Deputy Prime Minister and Minister of Tourism, Aviation and Investments Chester Cooper recently stated that there are two credible bidders for the Grand Bahama airport. The government is seeking a public/private partnership (PPP) model with a successful entity.
Loading ...
