Grand Lucayan cost balloons to $120 mil

The government’s total cost to purchase, renovate and market the Grand Lucayan is expected to balloon to almost $120 million, Deputy Prime Minister and Minister of Finance Peter Turnquest revealed Thursday night.

Wrapping up his contribution on the resolution to borrow $35 million to purchase the troubled property, Turnquest said the original $65 million was for purchasing the property only.

“It is important to point out that the cost related to the acquisition of the property does not represent the sum total of the government’s commitment to see this project through,” Turnquest said.

“We are in the process of finalizing what we believe are the necessary resources to ensure the property remains viable, to ensure we take the renovations necessary and the repairs that are required. To provide sufficient marketing and whatever else is necessary to secure the sale of the property.”

Turnquest said the government would come back to parliament with a new resolution once all the cost estimates come in.

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