The government has reasoned that they are buying the Grand Lucayan hotel to save jobs; however, half of those now employees say they are ready to accept separation packages which the government will have to pay for.
During a press conference yesterday, Press Secretary to the Office of the Prime Minister Anthony Newbold said all of the details surrounding the deal will be tabled in Parliament tomorrow.
“The government bought this property to sell it,” said Newbold.
“They took some actions to avert further disaster. What was happening in Grand Bahama was a disaster still is a disaster until the government gets this going the way it ought to go.”
Newbold added that the government has put a time frame on how long it intends to keep the hotel.
“The government is not out there buying this hotel saying, ‘you know five years from now we’re going to be making a profit’. The government does not intend to be involved with this hotel for the next five years,” he said.
The government is preparing to put the legislative means in place today when the house of assembly resumes to proceed with the acquisition of the resort.
A resolution is expected to be tabled allowing the government to borrow $35 million to be repaid to Hutchison Lucaya Limited and Bahama Reef Limited.
For the next three and a half years, the government is expected to pay $5 million dollars every six months at a four per cent interest rate.
This article was written by GINELLE LONGLEY, Eyewitness News intern.