WHATEVER IS BEST: Lucayan Renewal Holdings defends use of Canadian firm in sale process

WHATEVER IS BEST: Lucayan Renewal Holdings defends use of Canadian firm in sale process
The Grand Lucayan hotel.

NASSAU, BAHAMAS — The board of Lucayan Renewal Holdings yesterday defended the use of Canada firm Colliers Enterprise in the Grand Lucayan sale process, as it encouraged local brokers and agents to bring their clients to the table.

The board said in a statement yesterday that it expects there will be Bahamian and international interest in participating in the call for offers for the purchase of the Grand Lucayan Resort.

The board stated: “The sale is listed with Colliers Enterprises to facilitate a sale of this magnitude and to ensure the widest global net is cast to attract prospective qualified buyers.

“Colliers International, based in Canada, is a diversified professional services and investment management company with approximately 15,000 employees in more than 400 offices in 68 countries.

“The organization serves the hotel, industrial, mixed office, retail and residential property sectors.”

It added: “Colliers, who has partnered with Sterling Bahamas Realty, had been engaged by the previous board, established the process and is already intimately familiar with the details of the sale.

“Therefore, it was decided to retain Colliers to expedite a new sale agreement and bring resolution to this urgent issue so that taxpayers would not be further burdened by a delayed process.”

Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield this week expressed dismay that local realtors had been seemingly sidelined in the sale process.

The board of Lucayan Renewal Holdings, in its statement, said, however, that “local brokers and agents are encouraged to bring their clients to the table to participate in the sales process and ultimately share in any commission from a successful sale, as has been customary in the past”.

It added: “We are looking forward to a swift completion of the sale that will see the best buyer with a vision and funding for the resort and a shared vision for Grand Bahama Island.”