NASSAU, BAHAMAS — As questions continue to swirl around the sale of the Grand Lucayan Resort and Opposition criticism mounts over the government’s failure to conclude a sale, U.S.-based developer Concord Wilshire’s (CW) option to purchase the resort is reportedly set to expire on April 1, with the company said to be seeking significant reductions in the originally agreed price of $150 million.
Meanwhile, sources tell Eyewitness News that three other offers are standing by, each with cash ready to close, all described as substantial. These developments add to the growing uncertainty surrounding the deal as the government faces increasing pressure to finalize the sale.
The Opposition on Tuesday once again criticized Prime Minister Philip Davis’ administration for failing to finalize the sale of the Grand Lucayan Resort, claiming that as they approach their fourth anniversary, the government has little to show for the hundreds of millions of dollars spent on capital works.
Opposition Leader Michael Pintard, in a statement, noted: “Last September, Prime Minister Davis promised Grand Bahama and the entire country that the Our Lucaya Resort would be sold within two weeks. Now, it has been more than 25 weeks – almost six months – and the Bahamian people are still waiting for the Davis administration to deliver, highlighting their ongoing and predictable failures. With great fanfare, the Prime Minister and his Deputy Prime Minister promised the Bahamian people the sale of Our Lucaya and the reconstruction of the Grand Bahama International Airport. Nearly two years ago, bids were sought to rebuild or expand 14 Family Island airports. Yet, almost none of these 14 identified islands have seen any work done on their airports to date.”
Pintard added: “As they approach their fourth anniversary, the Davis administration has little to show the Bahamian people for the hundreds of millions of dollars in taxpayer funds spent on capital works – more than $250 million of which has been allocated to politically favored, no-bid, single-sourced projects. The Bahamian people deserve better.”
Following Prime Minister Davis’ announcement in February that the Grand Lucayan Resort deal was nearing completion, speculation began to intensify that a U.S.-based developer may be preparing to purchase the property. During his address at the Progressive Young Liberals (PYL) Conclave in Grand Bahama, Davis confirmed that negotiations were progressing for both the resort’s reopening and the redevelopment of the Grand Bahama International Airport. He emphasized that the government is taking a more holistic approach this time, negotiating both the resort and airport as part of a comprehensive package deal. “This time, we’re taking a holistic approach to the sale of both the airport and the hotel. This is big, and we have to get it right,” Davis said.
In May 2022, Deputy Prime Minister and Minister of Tourism, Investments, and Aviation Chester Cooper announced that the government had reached an agreement to sell the Grand Lucayan to Electra America Hospitality Group for $100 million. However, that deal fell through months later, forcing the government back to the negotiating table.
Sources have suggested that U.S.-based developer Concord Wilshire (CW) may be the latest proposed buyer of the Grand Lucayan, though no confirmation has been provided as of yet by the government. Founded in 1992, CW is known for large-scale residential, resort, and mixed-use projects, with over $10 billion in assets developed and acquired. While CW is regarded as a serious player in the U.S. real estate market, the government has yet to confirm it as a potential buyer.
