$2billion GB resort proposed

AN Artist’s impression of the original ‘Ginn Sur Mer’ resort - the previous developer went into foreclosure in 2008.

As of Tuesday, January 30, 2018

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

THE government is reviewing an application for the Grand Palm Beach property in West End, Grand Bahama for a project that could result in more than $2bn being spent over a ten-year period, Prime Minister Dr Hubert Minnis said during his national address last night.

At the same time, he announced negotiations relating to the Grand Lucayan Resort, one of the island’s most important tourism projects, are “far from completed,” but would be wrapped up this year.

He said Grand Palm Beach Acquisitions LTD has entered into a purchase and sale agreement to buy the large-scale resort known as ‘Ginn Sur Mer,’ noting the previous developer of the property went into foreclosure in 2008.

He said: “Grand Beach Acquisitions Ltd will construct, repair, revitalise, develop, and operate 246 rooms in three hotels, a banquet facility, 116 branded hotel residences, 1,000 other residences, a hotel/casino site, approximately 150,000 square feet of shops and restaurants, a spa and wellness retreat, two marinas, an 18-hole golf course including driving range, an IFR-rated airport, a resort hospitality training academy, and an organic farm. Grand Palm Beach Acquisitions Ltd intends to repair, revitalise, and develop the property to be known as ‘Bahama Bay’ in nine phases over a 10-year period with a projected expenditure of two billion, five hundred and sixty million dollars. The application is now before the National Economic Council to approve in principle, and to authorise the relevant government agencies to negotiate a heads of agreement on an expeditious basis.”

As for the Grand Lucayan resort, he said the transaction related to the acquisition and management of the resort is far from finished. The resort closed in October 2016 after Hurricane Matthew damaged the property, depriving the island of 59 per cent of its room inventory and at least 1,000 jobs.

Dr Minnis’ revelation that negotiations relating to the project are “far from completed” contrasts with the view he expressed in December after a letter of intent was signed between owners of the hotel strip and the Toronto-based Wynn Group.

He said at the time he expected discussions on the heads of agreement to be completed “within the next month to two months.”

He also said he hoped the strip could be reopened in early 2018.

“Although this transaction is far from completed, it would not be an exaggeration to say that we will have accomplished in a few months what was not done in a decade,” Dr Minnis said last night.

“This year, we intend to complete the sale of the Grand Lucayan and Memories property.

After they are reopened, the economy of Grand Bahama will improve significantly, including with a tremendous increase in employment and related business and economic opportunities.”

killemwitdakno 6 years, 2 months ago

Can't look up a company called Grand Palm Beach Aquisitions LTD but ok.

sheeprunner12 6 years, 2 months ago

Ginn Sur Mer 2.0 .............. Let us get this right from Day 1

When will anyone remember that The Bahamas still exists south of Nassau??????

Clamshell 6 years, 2 months ago

Ridiculous ... neither the government nor this newspaper has deigned to tell us who these supposed $2 billion investors are, and whether they actually have two nickels to rub together. How many times — really, how many times — have we heard this stupid song before?

TalRussell 6 years, 2 months ago

Ma Comrades, another Imperial red cabinet opportunity to plan ahead Missed Deadline in this red governing saga. Will the BS ever stop... before their most current economical fantasy comes a crashing down? I just don't believe anything they claim is around the corner... Yeah, Minnis and KP going in fuckin# circles... and trying take Grand Bahamians with them.

Dawes 6 years, 2 months ago

Hope its true, doubt it is. Every year we are told great things will happen on this project. Guess one day they will be right.

John 6 years, 2 months ago

Grand Bahama is in desperate need of investment inflows. But in its haste to get things moving, government must be careful o avoid the problems that developed at Bah Mar or to sign on to investments that are not sustainable. With the US headed into a booming economy, there is no doubt that the Bahamas' economy will rebound within this year and the reviving of he Ginn project can be a good first start in getting Grand Bahama up and running.

realitycheck242 6 years, 2 months ago

Nothing said about chinese involvement in this project so far, They may just avoid the Baha Mar syndrome if they keep it that way !

realitycheck242 6 years, 2 months ago

Make sure check their pockets, Make sure they are no Bobby Ginn, Nine phases over ten years, While this staggered approach to the development is commendable, it also says alot about their finances. Will the earlier phases be used as leverage for the later phases.Things that make you go hummmm ! Ever heard of a development Ponzi scheme !

TalRussell 6 years, 2 months ago

Comrade Johnny Fingers, looking back the much promised magic city Freeport, never materialized. The only unstoppable success provable is when the natives who were having tough personal economic times in Nassau - sailed their sloops in the dead night to escape reestablishing at daybreak upon landing on beaches Freeport. I actually have pictures of now years later very prominent natives landing on Freeport's beeches.
Time give the natives the same government breaks as they kiss the foreigners asses to accept... and it begins with ripping up the Hawksbill Agreement. Foreigners bearing great economic promises have failed thousands Freeporters - they are not be trusted.
Secondly, establish a real local government with teeth and balls separate from the national government and reduce MP's to two sitting House of Assembly members. Screw appointing senator upper red chamber... send them sing their suppers away from the public purse. Never again appoint a deputy PM from Freeport.

Economist 6 years, 2 months ago

So where is the Grand Bahama Port Authority in all this? The GBPA is supposed to promote business in the Port Area. They have done nothing for 10 years or more.

Government needs to find a new owner (with real money) and force the useless St. Georges and Haywards out.

John 6 years, 2 months ago

West End is not in the Freeport area and does not come under the GBPA

sheeprunner12 6 years, 2 months ago

What this country needs is a THIRD zone of development south of Nassau and not tourism based ....... The Freeport concept can be duplicated with better results if something is placed on the North-South industrial transit route via Windward Passage ........ This can piggyback on the Inagua salt industry, silicon, nano-technology and other allied chemicals-based industries. The southern Bahamas can produce tens of millions of pure solar salt and it is BIG business.

Who is planning for the DEVELOPMENT of the whole Bahamas???????

TheMadHatter 6 years, 2 months ago

Sheep - that's an easy question. The answer is Chris Mortimer.

birdiestrachan 6 years, 2 months ago

Those folks in the Pink Building do nothing but count the cars that pass in the street, then they go to lunch and come back and count cars again If you do not believe me then ask them what do they do all day?: besides collect big salaries..

realitycheck242 6 years, 2 months ago

Those folks in the pink building are the decendents of the visionaries who founded the port and the city of freeport. Second generation family members usually lack the vision of the founders so you are right in saying they collect big salaries. They are protectionist of their parents legasy. Hopfully some of the grand kids if educated properly will revive the vision if they are around !

TheMadHatter 6 years, 2 months ago

Amazing how everyone wants to blame the Port. The Government has been tying the Port's hands since 1992.

Why hasn't the road from Hawksbill to Ranfurly Circus (Bazaar roundabout) been pushed through? Re-open the damned road that separates Princess Towers & Princess Country Club. That place has been closed FOR YEARS and the owners left owing NIB and severance tons of money. OPEN THE ROAD.

Until that road is re-opened, you can afford to disbelieve any optimistic rubbish coming out of government or the Port because its continued closure proves that neither of them have any true authority.

A bulldozer should have been sitting there in front of Ruby Swiss the night of the election just waiting - in case the FNM won. Once the election was called in favour of Minnis, it should have been cranked up.

TalRussell 6 years, 2 months ago

Ma Comrade Rich kids Heirs to domain over Freeport, are living off family trust inheritance. Point one thing created or improved by their own wits? It's a fuckin# joke... but Freeporters, long stopped laughing

realitycheck242 6 years, 2 months ago

Repost ....Those folks in the pink building are the decendents of the visionaries who founded the port and the city of freeport. Second generation family members usually lack the vision of the founders so you are right in saying they collect big salaries. They are protectionist of their parents legasy. Hopfully some of the grand kids if educated properly will revive the vision if they are around !

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