First phase of redevelopment expected to see 500-1,000 construction jobs
NASSAU, BAHAMAS — The Bahamian people will be pleased from either of three shortlisted offers for the purchase of the Grand Lucayan resort of Grand Bahama, according to Deputy Prime Minister Chester Cooper.
Cooper said the government could make a decision on the matter by the end of this month.
In opposition and upon coming to office, Cooper labeled the deal negotiation under the former administration for the sale of the resort as a “bad deal”.
The government ultimately set aside the deal, and began the process of the sale once again.
We are going to do our best to ensure that we get the vest possible outcome of the Bahamian people — CHESTER COOPER
According to Cooper, the bidder selected will be determined by the “size of the check, the vision for the resort and the shared vision for Grand Bahama”.
“We are at a stage of discussions on the Grand Lucayan resort where we have three substantial offers,” he said.
“Either of these offers would be in my view, acceptable to the government [and] acceptable to the Bahamian people. We’re at the moment engaged with all three of them. We’re seeking the best outcome for the Bahamian people. I have always said it will be a combination of the size of the check, the vision for the resort and the shared vision for Grand Bahama.”
Cooper continued: “So, we’re seeking to find the right partner. We want to get this right. We are being very deliberate. We’re learning from the mistakes of the previous administration with the last deal that was on the table, so we are going to be very deliberate to get a deal that is good for the economy of Grand Bahama and the people of Grand Bahama.”
The deputy prime minister estimated 500 to 1,000 jobs will be made available during the first phase of construction.
He said it is anticipated that the construction phase will take 18 months.
He said a phased approach is preferred to keep the room operational at the Lighthouse Pointe and retain employment.
Cooper said the government remains “cautiously optimistic”.
Asked if the offers would allow the government to recoup its investment, the deputy prime minister said: “We are going to do our best to ensure that we get the best possible outcome of the Bahamian people”.
The Minnis administration purchased the resort for $65 million in August 2018.
It planned to sell the property to Royal Caribbean and ITM for its redevelopment, but the deal was never concluded.
In December, the government announced that its agreement with Royal Caribbean Cruise Lines/ITM Group for the acquisition of the Grand Lucayan resort had been canceled.
The government has invested around $200 million in the resort since the original purchase.
The cost includes the operation of the resort and some repairs.
Loading ...
