PM: Govt. had no choice but to purchase hotel

PM: Govt. had no choice but to purchase hotel

Strict rules for Our Lucaya buyer

Parties interested in buying the Our Lucaya Resort in Freeport, Grand Bahama will have to undergo a strict vetting process, revealed Prime Minister Dr. Hubert Minnis in Parliament yesterday, as he said a number of entities have expressed serious interest in purchase.

Leading Debate on the Resolution for the purchase of the 1270 room hotel property in Parliament yesterday, Dr. Minnis revealed that the work of the newly appointed Board is critical to repositioning the Resort and Casino and the Port Lucaya Market Place area.

“The Board of Lucayan Renewal Holdings Limited is also committed to an exit strategy to sell the Grand Lucayan Properties to a private entity,” Dr. Minnis explained.

“This exit strategy includes the identification and selection of a qualified buyer within a short as possible timeframe. This potential buyer should be able to help create a unique destination, with the accompanying airlift and marketing that will help to make the property and the destination successful.”

The Prime minister added that the Board is not trying to recruit an investor to whom it can just quickly sell the property. The Board, he noted is tasked with ensuring that the principals behind each expression of interest be carefully vetted by international agencies for proof of financial ability or proof of funding, proof of fit and proper character, with a reputation for executing international resort brands, with knowledge and experience in marketing.

The Board, he said, has already commenced reviewing expressions of interest from several organizations previously received by the Office of the Prime Minister and has scheduled other courtesy meetings as necessary.

“The Board recognizes that it has the responsibility to identify a well-funded group with a vision to create a sustainable tourism destination, to whom the asset can be assigned in an outright sale.”