NASSAU, BAHAMAS — Lucayan Renewal Holdings Chairman Julian Russell said yesterday that the sale for the Grand Lucayan was “not done yet”, with just two days remaining on an extension to complete due diligence and all the necessary legal documentation.
Russell told Eyewitness News that the process is “still ongoing”.
“The deadline was extended to September 15th and so we’re still waiting. It’s not done yet. There’s really not much I can say about it other than we’ll have to wait until September 15th. We just have to wait and see,” said Russell.
The government announced on May 11th that Lucayan Renewal Holdings LTD signed an agreement with Electra American Hospitality Group to buy the Grand Lucayan Hotel for $100m. At the time it was noted that the deal was subject to a due diligence period with closing no later than 120 days.
Back in early August, the Board of Lucayan Renewal Holdings said that the sale of the Grand Lucayan Resort was “progressing steadily and on track for completion”.
A release from the board at that time said “we anticipate no other material
changes.”
Electra America has committed to providing an estimated $300 million in construction and renovation funding to rebuild the Grand Bahama resort. The construction phase is expected to produce 2,000 jobs, with another 1,000 permanent jobs expected once the resort is fully reopened.
Speaking to his company’s commitment to the project, Electra America Hospitality Group Chief Executive Officer Russ Urban previously stated, “We are excited about Grand Bahama Island, and as we move forward with closing the deal, we reassure the people of Grand Bahama of our commitment to developing a world-class resort and collaborating on community development initiatives.”
