Royal Caribbean International, ITM Group purchase Grand Lucayan

The Grand Lucayan resort.

As of Thursday, March 28, 2019

• THE FULL VERSION OF THIS STORY CAN NOW BE READ HERE

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

THE government signed a letter of intent Wednesday with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour, signaling an impending turnaround for Grand Bahama’s beleaguered economy.

An initial investment of $195 million, which includes $65m for the purchase of the hotel, has been earmarked for the first phase of the development which will take place over a 24-month period. It is estimated that some 2,000 jobs would be created in the first phase.

With the redevelopment of the harbour, it is expected that an additional two million cruise passengers will be brought annually to the island.

The announcement of the hotel sale is one that many in Grand Bahama have been waiting for, more than two-and-a-half years since the resort sustained severe hurricane damage, forcing the closure of two-thirds of the property which significantly impacted the island's tourism sector.

At the signing held at the Office of the Prime Minister in Freeport, Minister of State for Grand Bahama Senator Kwasi Thompson noted the resort attracted some 62 expressions of interest from local and global firms, and by February 14, 11 offer letters were received and evaluated by the board of Lucayan Renewal Holdings.

He said that on March 22, the board unanimously approved a resolution to recommend to Cabinet the sale of the 217-acre resort to RCI/ITM.

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TheMadHatter 5 years ago

Right after the meeting with Trump this deal springs forth. Coincidence? I think not. Thank God for Donald Trump, Mike Pence, and the real brains behind our world recovery (although no longer on their team) Steve Bannon.

paul_vincent_zecchino 5 years ago

Spot on, sir. Agree. Completely. Contrary to the endless insults from our American media, most of us are grateful that President Trump won. Despite the sobbing of the media, most of us are well aware we dodged not merely a bullet, but a nuclear missile when he defeated Hillary.

Had she been elected, we'd not be reading good reports such as this. Quite the opposite.

Appreciate you kind remarks. All the best.

proudloudandfnm 5 years ago

Damn. What kind of meth you on?????

Sickened 5 years ago

What the? Just how are these two things connected? Was Kanye West involved as well? After all he met with Trump last year.

TheMadHatter 5 years ago

Trump said we will let Disney go ahead if yall agree to stop ya fool with dem Chinese

birdiestrachan 5 years ago

Does the Freeport harbour belong to Hutchinson or not ? Apparently D:Aguilar knew nothing of this deal.

sheeprunner12 5 years ago

OK, good job .............. now do something with the International Bazaar and the closed road and the uptown rotting hotel

rawbahamian 5 years ago

It seems regardless what ANY government does for the betterment of our Bahama land, there will always be bitter detractors to progress, because they didn't do it or wasn't involved in the accomplishment but then again, our Lord and Saviour Jesus Christ was nailed to a cross for doing good !!!

yeahyasee 5 years ago

^^^^^^^^^^^^

BahamaPundit 5 years ago

Thank God! This is a great win for The Bahamas and Minnis. I have to apologise for doubting the purchase by the Government in the first place. It helps to have the full picture before reaching an opinion on the merits.

paul_vincent_zecchino 5 years ago

Dr. Minnis victory was a good sign for the Bahamas, as was Donald Trump's election to the US Presidency. No surprise when Dr. Minnis won, after Trump's victory, the trend was established. People don't want socialism, preferring instead liberty and prosperity.

Sickened 5 years ago

Again... what the???

proudloudandfnm 5 years ago

This is just a dumb comment. Typical of a trumpie….

DWW 5 years ago

Ahem. I hazard that this one maybe a bit delusional. I fail to see how one is connected to the other. Further implementing national health insurance is hardly anti-socialism. Secondly having the public sector buy out a private sector asset is again a socialist move? Am I wrong? Dis guy got numb nuts

realitycheck242 5 years ago

Big feather in the Minnis Governent cap and for the people of Grand Bahama. My only concern is would the Government be charging the RC/ITM group STAMP TAX on the 65 million sale price of this transaction.or is the Stamp Tax apart of the many concessions given to close the deal.

BMW 5 years ago

I agree with you rawbahamian.

pingmydling 5 years ago

The madnutter & zucchini, my Trump loving sycophants. I really love you guys --- now hop back in your cages.

joeblow 5 years ago

I don't think this disparaging comment added anything to the discussion!

realfreethinker 5 years ago

joeblow there will always be people who have issues with progress.

proudloudandfnm 5 years ago

I pray this is real. We had two LOIs signed for Wynn....

Time will tell....

proudloudandfnm 5 years ago

To all of you trumpies. WORST PRESIDENT IN HISTORY. Get with it. The man is scum....

sucteeth 5 years ago

u are a looser.. go back to picking bananas

proudloudandfnm 5 years ago

typical trumpie come back.... lololol….

Bahamas09 5 years ago

This certainly is great news, but like a few other people already pointed out this is a signed "letter of intent" NOT a bill of sale. A LIO and a nickle won't buy you a cup of coffee. One good thing is that it's not just about the hotel purchase. Clearly these guys understand that it'll take marketing and additional infrastructure to make this investment successful. This is also some hope for the workers that currently are having a hard time making ends meet. Here's hoping that the deal closes!

Dawes 5 years ago

Good news if it works out, but lets not beat about the bush. This took probably $20 million of our dollars to occur, as well as what other incentives they give going forward. Guess the buyer will hope they've weeded out the bad worker with the separation package.

sheeprunner12 5 years ago

The Govt (We The People) took a loss ......... but if it works out as proposed, the country will benefit (especially ungrateful Grand Bahamians).

proudloudandfnm 5 years ago

Sheeprunner, What exactly does GB have to be grateful for? And when was the last time you've been to GB?

TalRussell 5 years ago

Yes, yes and yes, the same fake signatory red characters have but relocated out Nassau Town "to PM's "Free port" offices. The devil will be in a full disclosure true and correct costing PeoplesPublicPurse's details, yes, no?
Seems comrade red bloggers are turning out force throwing temper tantrum over misgivings that just because "Letter of Intent (LOI)" was executed from "Free port" offices the prime minister's office that had couldn't possible be more than just another liars club OBAN signing, yes, no?
Could kt be but another signing done in full view of Colony of Out Islands prime minister, Imperial red cabinet members and high powered senior government officials, true.... pray the Policeman's Commish, will meet greater success than his still after 365 days looking OBAN's "LOI" if this one just happens suddenly go missing, true?

pingmydling 5 years ago

Hi, joeblowjob good comment. There is still room for you in the cage with the other crazies.

DWW 5 years ago

Let's not forget that this exercise has and will cost the bahamian people somewhere in the region of $30,000,000 to $40,000,000 in staff pay, manager pay, operating costs, lost taxes, concessions on future taxes etc. Its not really that great a deal if you consider it would take 10 years for gobmint to realize a ROI on this whole shenanigans. I'm not arguing it will and has helped a few hundred bahamian but it was at the expense of the rest of the Bahamas.

licks2 5 years ago

Hahahahahahahahahahahaha. . . .thank you very much. . ..now lets move on to the next relevant topic. . .DOC DONE "WHUPP" MOST OF YINNA TAILS WITH THIS DEAL. . .so get up and brush yinna seffs them off and find something else to whine and bitch about!!

This PM making fools of yall all over the place there snoopy. . .yinna better gee that one a rest. . .yall een no match for this PM. . .unless yinna go up against him in a speech contest! By the birdie. . .yu don't enter that speech contest cos doc will murderized you!! Hehehehehehehehehehehehehehehehe!! Yall around here een no match for the doc wid da roc. . . .yall puny political chumps. . .maybe if yinna would stop being so dang dumb and nonsensical in yinna contributions. . .yinna may make a real impact. . .this buncha dumb stuff yinna writing all the time een doing nothing but show how idiotic some of you can be in the face of intellectual dialogue!! While the rest of the whole world een on yinna run!!

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