NASSAU, BAHAMAS- A former Minister of Tourism says the long-awaited deal for the Grand Lucayan Resort is a welcome development—but only if it comes with transparency and firm commitments that deliver real impact for the people of Grand Bahama.
Dionisio D’Aguilar, who held the tourism portfolio under the Minnis administration, said he is cautiously optimistic about the expected signing of a Heads of Agreement this week, while noting that Grand Bahamians have every reason to remain skeptical after years of broken promises.
“I’m sure I speak for the Bahamian people—we are delighted that finally the government feels comfortable to bring forward a deal they can present to the Bahamian people as something that can viably transform that property into an economically impactful operation for the people of Grand Bahama,” D’Aguilar told Eyewitness News.
“It’s been a long time in coming… but we’ll wait to see the details of the deal—how much is being invested, over what period, and how that property is going to be transformed.”
The government has yet to provide any details regarding the sale, but the Office of the Prime Minister confirmed that invitations to a heads of agreement signing ceremony this Thursday are authentic. If finalized, the agreement could end years of uncertainty around the resort, which has struggled since being purchased by the government in 2018.
Concord Wilshire is reportedly the lead investor, having secured an extension on its purchase option through May 15. But sources close to the negotiations say the deal may be limited to an asset sale—lacking specific obligations on redevelopment timelines, job creation, or a defined capital investment. That has raised concern among observers who see parallels to previous agreements that ultimately fell through.
“This is the third project,” D’Aguilar noted. “When the FNM was in government, we brought forward a project to redevelop that property. Unfortunately, COVID came along and scuttled that deal. Then the government came forward with Electra, and that fell by the wayside. So here we are again.”
He said the people of Grand Bahama are right to be in “wait-and-see mode,” given the resort’s long and troubled redevelopment history.
“Grand Bahama has been hit time and time again with promises,” he said. “Each election cycle, someone says, ‘We’re going to fix Grand Bahama.’ So naturally, people are cautious. They’ve heard this song before.”
The timing of the announcement—less than two years before the next general election—has also led some to question whether the move is politically motivated. D’Aguilar emphasized that the real test will be whether the project delivers tangible economic results.
“We have to see what we’re giving in order to get,” he said. “What concessions have been made to make this viable? Is there a firm timeline for redevelopment? Will this deal really trigger the level of investment and job creation that Grand Bahama desperately needs?”
He also questioned whether Concord Wilshire is equipped for the challenge, noting that the company—though prominent in U.S. real estate—has limited experience in hospitality and none in the Caribbean.
“They’re a large American company with significant real estate investments, but I’m a little concerned they don’t have any properties in the Caribbean and not many hotel properties,” he said. “Investing and working in the Caribbean is a little more difficult than the United States, so that puts me off a little bit. But we’ll wait and see.”
D’Aguilar defended the Minnis administration’s controversial 2018 purchase of the Grand Lucayan, which cost taxpayers tens of millions of dollars in upkeep and subsidies, but said it was the right move at the time.
“Absolutely not [a mistake]. We had to buy that hotel, because if we had not, it would have fallen into disrepair like the Princess Hotel in the center of Freeport,” he said. “Even though it has not been economically impactful, it has been kept going so that we could reach the point we are reaching now. We just could not abandon the people of Grand Bahama.”
His comments come as business leaders also express hope—but with similar caution. Grand Bahama Chamber of Commerce President Dillon Knowles recently told Eyewitness News that the Grand Lucayan has been performing “more like a giant bed and breakfast” and must be redeveloped to operate as a proper tourism anchor.
“What it will be revamped to be will determine whether it is a great step,” Knowles said. “Grand Bahama needs it to perform as an attraction that other businesses can tap into.”
D’Aguilar agreed, stressing that any successful redevelopment must also consider marketing, airlift, and public-private coordination.
“Any transaction that involves creating a hotel where the Grand Lucayan once was is going to involve input,” he said. “What are you going to do to assist us in marketing the island? How are you going to economically help us bring lift into Grand Bahama to service this property?”
Looking ahead, D’Aguilar said he hopes the deal will result in a modern, environmentally conscious development that complements Grand Bahama’s natural beauty and benefits Bahamians at every level of the tourism value chain.
“The Bahamas has a unique geography. Grand Bahama is an incredibly beautiful part of our country,” he said. “We’re hoping for environmentally friendly, boutique-style projects that enhance the visitor experience without harming the environment.”
“This can’t just be a hotel that benefits one investor. It has to be a real economic driver that creates opportunity for Bahamians—for tour operators, restaurants, taxi drivers, artisans. That’s how this becomes a success.”
