NASSAU, BAHAMAS – Following Prime Minister Philip Davis’ announcement that the Grand Lucayan Resort deal is in its final stages, speculation is intensifying that a U.S.-based developer may be poised to purchase the property. Although the government has remained tight-lipped on details, Davis confirmed on Saturday, while addressing the Progressive Young Liberals (PYL) Conclave in Grand Bahama, that negotiations are progressing for both the resort’s reopening and the redevelopment of the Grand Bahama International Airport.
Davis emphasized that this time, the government is taking a more holistic approach, negotiating both the resort and airport as part of a comprehensive package deal. “This time, we’re taking a holistic approach to the sale of both the airport and the hotel. This is big, and we have to get it right,” Davis said.
In May 2022, Deputy Prime Minister and Minister of Tourism, Investments, and Aviation Chester Cooper announced that the government had reached a deal to sell the Grand Lucayan to Electra America Hospitality Group for $100 million. However, the deal collapsed months later, forcing the government back to the negotiating table. Now, Davis says progress is being made with a new investor, although specifics remain scarce.
Following Davis’ recent statements, international media outlets have contacted Eyewitness News seeking more details, with some suggesting that the potential buyer is Concord Wilshire Development (CW), a prominent U.S.-based real estate firm known for its high-profile projects. Since its founding in 1992, CW has earned a reputation for developing, constructing, and investing in major real estate projects across the U.S. With over $10 billion in assets developed and acquired, CW is recognized as a leader in residential, resort, and mixed-use real estate. The company’s portfolio spans major markets and emerging areas, with a proven track record across multiple investment cycles. The government has yet to confirm the Grand Lucayan’s potential buyer.
Meanwhile, the Opposition has continued to criticize the delay in finalizing the deal. Michael Pintard, leader of the Free National Movement (FNM), expressed frustration on social media, pointing to earlier promises that the resort would be sold within weeks. “The public has been waiting for over a thousand days, and this government still has nothing concrete to show,” Pintard said. “We’re tired of waiting for this administration to deliver on their promises.”
Pintard also noted that the previous FNM administration purchased the hotel in August 2018. “Just two years later, in 2020—which is now five years ago—the Free National Movement reached a sale deal amid the challenges of Hurricane Dorian and a global pandemic. Yet, the PLP criticized us for taking too long and spending too much to save Bahamian jobs. After canceling the negotiated deal upon taking office, they made a spectacle of a new agreement in May 2022, only for the public to watch it crumble in plain sight.”
