NASSAU, BAHAMAS — Minister of Tourism, Aviation and Investments Chester Cooper said yesterday that the government is seeking $150 million for the Grand Lucayan Resort property, noting that there are currently six credible buyers with more buyers coming to the table.
Speaking with reporters outside of the House of Assembly yesterday, Cooper said, “We are in an active process now in engaging all of those persons interested. There are six credible buyers. There are more coming to the table. We no have the Board in place.
“We are retaining a broker who is going to be managing the process for us. This is a very attractive property, an attractive offering and the anchor for Grand Bahama and we see new potential participants in the bid coming forward every day.”
Cooper said the government is seeking to get through the initial pre-qualification stage over the next six weeks and then move to a shortlist of potential purchasers.
Cooper noted that a Bahamian group is joint venturing in the bid process with an international equity fund on a proposal.
“Naturally we are desirous to to see some Bahamians in the process. I have always maintained that Bahamians should participate more in the tourism industry and if we can find a group where there is Bahamian participation we would be delighted,” said Cooper.
Cooper noted that potential purchasers must have a very clear vision for the property, significant financial resources resources as well as share the vision from Grand Bahama and outlook for tourism on the island and The Bahamas at large.
“Once we look through all of that criteria we will look at their track record and their experience. It is on that basis we will make a determination. Money alone isn’t going to do it. It’s not just that we’re looking at,” he said.
Cooper said the government is looking to sell the property for $150 million.
“We’re in for $150 million. That’s the number. We believe this is an attractive proposition; 2,500 acres of prime beach property, a golf course and marina site. It has the opportunity to drive the economy of Grand Bahama and be a substantial plank in the offering of one of the major brands. We are looking for the best deal for the people of Grand Bahama,” said Cooper.
Last month, Cooper revealed that the Davis administration had canceled its agreement with RCL/ITM for the sale of the beleaguered resort. In a statement, he said the boards of Lucayan Renewal Holdings Limited and Lucayan Beach Casino Holdings Limited met on Monday to terminate by mutual consent the 2020 purchase agreement between themselves and Bahamas Ports Investments Limited (BPI), the joint-venture partnership between RCL and ITM.
Cooper said at the time that the terminated agreement has cost taxpayers well in excess of $150 million.
