EDITOR, The Tribune
Is there any process let alone progress on the flipping of Our Lucaya which the government purchased for $65 million?
Months ago now the Hotel Corporation asked for interested parties to register interests – they also asked for proposals, but silence since.
Again we hear there are ten interested parties, but at what stage are they to purchase or is there any stage?
Recent published RFP’s for the property indicate Hotel Corp have decided to invest millions to bring the property to grade which causes the observer to ask why is this necessary if you have ten parties interested to purchase?
Historically it has to be recalled that Hutchinson-Whampoa the original developers and owners had this property on the world market for three to four years with Hutchinson’s contacts and links they could not find a purchaser but the Bahamas government was over confident that to purchase at $65 million was a sensible business/investment?
Hutchinson is alleged to have claimed $80 million in storm damage plus $65 million from government to purchase so a grand total of $145 million - Hutchinson had no liabilities to redundancies, etc - boy Hutchinson certainly found it is better in The Bahamas!
January 17, 2019