NASSAU, BAHAMAS — Deputy Prime Minister Chester Cooper said yesterday that there will be no further public announcements on the sale of the Grand Lucayan Resort until “the money is in the bank.”
Cooper, the Minister of Tourism, Aviation, and Investments said that three credible offers have been received from entities that have already undergone preliminary due diligence.
He told attendees at the Grand Bahama Business Outlook that finding a buyer for the resort is of critical importance to the government and for the island of Grand Bahama.
“Far too much money has been spent and far too many opportunities await for us not to have this at the top of our to-do list,” said Cooper.
“I am advised by the Chairman of Lucayan Renewal Holdings Limited that there continues to be an ongoing dialogue and considerable interest in the Grand Lucayan Resort.
“We have received three credible offers on the resort from entities that have already undergone preliminary due diligence. We are committed to completing the best possible transaction for the Bahamian people. The key is to have the resort redeveloped and the full complement of construction and operational staff employed. The key is to ascertain development financing.”
Cooper noted that while the closing price is important, the buyer’s capacity to complete the redevelopment of the resort into a property that is at a world-class standard is paramount.
“In the meantime, we remain cautiously optimistic. I would like to point out that the resort continues to hire more than 100 Bahamians on a full and part-time basis and occupancy and revenues continue to benefit from the increase in overall tourist arrivals to Grand Bahama Island,” said Cooper.
He added: “Whilst we remain cautiously optimistic about these prospects, we will not make any further public announcements until full due diligence is completed and funding verified and placed in escrow and we have a definitive and imminent closing. It means that I’m not saying anything else until the money is in the bank.”
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