NASSAU, BAHAMAS – Negotiations over the purchase of the Grand Lucayan are ‘back on track’, according to Tourism Minister Dionisio D’Aguilar.
D’Aguilar told reporters ahead of a Cabinet meeting, the process had been delayed four to six weeks.
“I think we have been distracted by the storm and therefore the negotiation process got delayed by four to six weeks,” he said. “We’re very much back on track now. It’s very much front and center. Negotiations are going well. We will see where it lands. I remain very optimistic.”
D’Aguilar continued: “Meeting are ongoing as we get down to the crunch time. As we look over the terms of the arrangement, as we look over the heads of agreement it becomes very intense and a lot of meetings go on.
“Ultimately it comes to the ministers and the Cabinet to approve. I understand certainly at the technical level negotiations are going very well. The policy decisions will be brought to Cabinet and we will make
decisions on that and we are very anxious for this to happen.”
Government has been negotiations with Holistica – a joint venture company formed by Royal Caribbean International and ITM Group – on the renovation and development of Freeport’s cruise port and the Grand Lucayan resort complex.
In 2016, Hurricane Matthew that caused parts of the Grand Lucayan to be shut down and the property to be subsequently taken over by the government in order to protect jobs and ensure the sale of the property.
The Grand Lucayan resort features three brands: Memories, the 500-room Breaker’s Cay and Lighthouse Pointe. The government purchased the resort for $65 million.