NASSAU, BAHAMAS — Prime Minister Philip Davis said yesterday that the latest round of negotiations for the sale of the Grand Lucayan Hotel are at an “extremely promising stage.”
During his budget debate contribution, he stated: “The latest round of negotiations for the sale of the Grand Lucayan Hotel is at an extremely promising stage. We hope that a positive announcement is imminent.”
The Minnis administration had purchased Grand Lucayan from Hutchison Whampoa for $65 million. Davis once again criticised that purchase noting that the hotel was bought against all advice and for an amount higher than the valuation adding that it remains a drain on the public finances.
In May 2022, Deputy Prime Minister Chester Cooper revealed that the government had agreed to sell Grand Lucayan to Electra America Hospitality Group for $100 million, with Electra pledging a $300 million development of the property. However, six months later, the deal also fell through.
Davis also addressed the government’s intention to purchase the Princess Towers hotel, the West Sunrise Road and the site of the International Bazaar for under $4 million.
“A higher loan facility has been arranged with the Afro-Exim bank for an exciting new development of that site,” he stated, noting that, details on that arrangement will be announced very shortly.
Davis indicated during his budget communication last week that The government aims to source $30 million for its plans for the International Bazaar.
The Bazaar is owned by multiple entities, including the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), John Bull, and the Chee-A-Tow family.
