NASSAU, BAHAMAS — Government continues to work with several developers interested in purchasing the Grand Lucayan resort and remains positive that it will find the right buyer, Deputy Prime Minister Chester Cooper said yesterday.
Speaking with reporters on the sidelines of the official groundbreaking of the Montage Cay development, Cooper said: “We are continuing to work with several developers who are interested in the Grand Lucayan Resort. We remain positive about the possible outcomes. As soon as we have something more definitive, Lucayan Renewal Holdings will make an announcement.”
The most recent deal to sell the property fell through after it was announced last November that the Electra America Hospitality Group had advised that it had difficulty securing development financing at terms that would allow it to fully execute the vision outlined in its business plan. The government announced last May that Lucayan Renewal Holdings Ltd had signed an agreement with Electra American Hospitality Group to buy the Grand Lucayan Hotel for $100 million.
The company had 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 was fully reopened.
Cooper noted yesterday that the country’s tourism sector performance is strong and projecting ahead of its record 2019 numbers, with increases in the airlift.
“For all of the islands across The Bahamas airlift is up. We are forecasting a 16 percent over 2019 levels up to the end of June. We have had a phenomenal January to the tune of 150 percent greater than what we saw in 2022,” said Cooper.
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