DPM expected to make statement on the deal next week
NASSAU, BAHAMAS — Deputy Prime Minister Chester Cooper said yesterday said that even after meeting with the board of Lucayan Renewal Holdings Ltd, he heard nothing to change his view that the Grand Lucayan purchase was an “egregiously bad deal”.
Cooper, the minister of Tourism, Investments and Aviation, said following the meeting yesterday: “We are keen to see movement with respect to negotiations on the agreement. We have looked at the details extensively. I can tell you that it is costing the Bahamian people.
“I can tell you that sometime during the last several years, we would have made certain public comments as it relates to tend real itself. I specifically recall saying that it was an egregiously bad deal.”
Cooper added: “I am disheartened to tell you that I didn’t hear anything today that changed my view.”
Cooper said he will make a statement on the issue next week.
The government purchased the resort in August 2018 for $65 million amidst heightened criticism over the move that was reportedly done to save hundreds of jobs at the resort. A letter of intent (LOI) was signed in March 2019 for the intended sale of the megaresort and the redevelopment of the Freeport Harbour.
The plan included development of a cruise port at Freeport Harbour that was expected to accommodate three ships in phase one and up to seven ships in subsequent phases.
Former Tourism Minister Dionisio D’Aguilar said last month that he was disappointed about the government’s inability to close the sale of the Grand Lucayan prior to the end of the Minnis administration’s term in office.
He stated: “The sale of the Grand Lucayan was subject to the completion of an agreement being had between the Freeport Harbour Company and Royal Caribbean, and for whatever reason, that deal is ongoing and that hasn’t been concluded…
“I’m very disappointed that the Freeport Harbour Company and Royal Caribbean were not able to finalize their transaction and as a result, the hotel can’t transfer over to the Royal Caribbean group for them to start doing what it is they needed to do.
“I’m very disappointed that that didn’t happen.”
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