NASSAU, BAHAMAS- The Grand Lucayan needs to perform like a major attraction and not as it has been—as a “giant bed and breakfast,” according to Dillon Knowles, President of the Grand Bahama Chamber of Commerce.
Knowles’ comments come as the government is reportedly set to sign a Heads of Agreement this Thursday for the long-awaited redevelopment of the resort. Officials from the Office of the Prime Minister confirmed that invitations to the signing are authentic but declined to provide further details.
“A Heads of Agreement for the revamp of the Grand Lucayan sounds like a good step,” Knowles told Eyewitness News. “What it will be revamped to be will determine whether it is a great step. The resort has been performing more like a giant bed and breakfast than as an attraction. Grand Bahama needs it to perform as an attraction that other businesses can tap into.”
Knowles added that while private ownership could boost the resort’s potential, the real impact will depend on the scope and quality of the redevelopment. “The cruise industry is creating their own private attractions on Grand Bahama. We now need other investors, both foreign and domestic, to step up and provide attractions that are open to the public,” he said. “Overall, a sale and revamp of Grand Lucayan is a step in the right direction.”
U.S.-based developer Concord Wilshire (CW) is widely speculated to be the buyer. The firm has reportedly secured an extension on its purchase option until May 15. However, sources familiar with the matter say that if the deal closes, it will be limited strictly to an asset purchase—lacking commitments to construction timelines, job creation, or a defined redevelopment budget.
This has sparked renewed political scrutiny and public concern, particularly as prior agreements tied the Grand Lucayan sale to broader infrastructure commitments, including the redevelopment of the Grand Bahama International Airport. That element now appears delayed or uncertain.
CW’s original option was reportedly set to expire on April 1, and the developer is said to have pushed for a price reduction from the initially agreed $150 million. Meanwhile, at least three other bidders remain on standby with cash-backed offers reportedly considered “substantial.”
Despite CW’s prominence in the U.S. real estate market—with over $10 billion in residential and resort developments—the government has not formally confirmed the company as the chosen buyer. A previous $100 million agreement with Electra America Hospitality Group was announced in 2022 but later fell through.
