Heads of Agreement for Grand Lucayan sale at ‘end stages’

Heads of Agreement for Grand Lucayan sale at ‘end stages’
Grand Lucayan Resort

NASSAU, BAHAMAS – Minister of State for Grand Bahama Kwasi Thompson yesterday suggested the Heads of Agreement (HOA) for the Grand Lucayan’s sale is at the ‘end stages’. 

Thompson told reporters outside Cabinet, he believed talks are “progressing well”.

“We think we are at the end stages with respect to the Heads of Agreement,” he said.

“All of the pieces seem to at the moment be falling into place and we are very comfortable with where we are at. 

Kwasi Thompson, Minister of State for Grand Bahama

“We are hopeful to see a completion of negotiations within the next few weeks. The sale is a very important  deal for Grand Bahama. We believe this was the right direction for the government  to take and we are hopeful that we will have a speedy conclusion.

Thompson continued: “We know that the entire island is looking forward to it. Int really is an all encompassing development  that deals with the harbour and the hotel. That helps with airlift and bringing additional cruise passengers. It is really a complete package and we are pushing really hard to complete it.”

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.