NASSAU, BAHAMAS — The government today announced that it has accepted the Electra America Hospitality Group’s offer to purchase the Grand Lucayan Resort for $100 million.
The group is part of the Electra America conglomerate which has some $7 billion in assets worldwide. The company has committed to an estimated $300 million in renovations and construction plans. The agreement is subject to a 60-day due diligence period, with closing no later than 120 days.
Acting Prime Minister Chester Cooper said that Electra had met all of the criteria set out by the government, stating that the deal for the resort marked the beginning of the “renaissance and rebirth” of Grand Bahama.
Electra has committed to a luxury lifestyle hotel with approximately 200 rooms and two dozen villas, along with an upscale convention hotel with more than 500 rooms. The company will also open an all-suite family resort with more than 200 condo-hotel-style suites.
Russ Urban, Principal and Managing Partner for Electra America Hospitality Group said: “We intend to employ roughly 2,000 construction related people and then permanently ongoing after that about 1,000 people on the resort. That will be the largest single point of economic impact. The multiplier effect beyond that will be huge.”
During a press conference on the agreement, Urban said that Electra will also promote entrepreneurship throughout the property with Bahamians being engaged in the areas of art and entertainment.
Urban said that the company is speaking with several international brands and expects to have at least three very well known brands at the property, although there could possibly be more.
He also confirmed that there will be a casino operator selected among one of the brands chosen for the hotel.
According to Urban, the company expects to undertake considerable planning for the property this year with actual renovation to begin in 2023.
Cooper noted that the redevelopment of the Grand Bahama International Airport is expected to be completed in line with the completion of the redevelopment of the Grand Lucayan.
The Government of The Bahamas is seeking experienced and qualified private sector partners for the redevelopment of the Grand Bahama International Airport. The request for proposal (RFP) process closes May 15th and according to Cooper there has been a significant level of interest.
Minister for Grand Bahama Ginger Moxey said the sale and redevelopment of the Grand Lucayan resort is of great significance to the people of Grand Bahama, noting that the resort has served as the anchor tourist product on the island.
Loading ...
