NASSAU, BAHAMAS- U.S.-based developer Concord Wilshire (CW), a potential buyer of the Grand Lucayan Resort, has reportedly secured an extension on its purchase option until May 15.
However, sources close to the matter say that if the deal closes, it will be limited strictly to an asset purchase — absent any commitments to construction, job creation, financing, or even a defined redevelopment budget.
This development would raise fresh concerns and add fuel to the growing political firestorm surrounding the government’s handling of the resort’s sale. Earlier promises that any buyer would be required to redevelop the Grand Bahama International Airport now appear in doubt, with that component reportedly pushed until after the transaction closes. The government has remained tight-lipped on the matter, especially given that a previous deal fell through.
CW’s original option was reportedly set to expire on April 1, with the company said to have been seeking significant reductions from the previously agreed $150 million purchase price. Meanwhile, at least three other offers remain on standby, with each said to be backed by cash and described by sources as “substantial.”
Opposition Leader Michael Pintard has criticized Prime Minister Philip Davis’ administration for what he called a pattern of broken promises and stalled progress.
In February, Davis addressed the Progressive Young Liberals Conclave in Grand Bahama and stated that his administration was taking a “holistic approach,” tying the Grand Lucayan sale and airport redevelopment into a comprehensive package. “This is big, and we have to get it right,” he said at the time.
Despite CW’s prominence in the U.S. real estate market—known for large-scale residential and resort developments totaling over $10 billion—the government has yet to confirm the firm as the official buyer.
In 2022, an agreement with Electra America Hospitality Group, valued at $100 million, was announced for the sale of the Grand Lucayan but that deal fell through.
