The Tribune

By DENISE MAYCOCK 

Tribune Freeport Reporter

dmaycock@tribunemedia.net 

THE sale of the Grand Lucayan resort has brought renewed confidence and optimism to Grand Bahama’s struggling business community, which has been anticipating Monday’s signing.

Royal Caribbean International and ITM finalised the purchase of the Lucayan Beach strip property for $65 million from the government on Monday and signed a Heads of Agreement for $300 million redevelopments of the resort and Freeport Harbour.

Tourist arrivals to the island are expected to increase a record six-fold once the hotel and harbour projects are completed.

Grand Bahama Chamber of Commerce President Greg Laroda said the sale of the hotel is something that the business community had been anticipating.

“It is something we were looking forward to on the island for a long time,” he said at a reception held following the signing on Monday.

“I feel positive about it. It was not just a Heads of Agreement, but also the agreement for the sale and purchase, and I feel like it is only a matter of time before we really start seeing some shovels in the ground.”

There are plans to transform the property into a premier world-class destination.

Mr Laroda believes the project will be a major “positive boost” to the Grand Bahama economy.

“It will bring lots of jobs as was mentioned in all different areas, and directly impact the hotel workers, taxicab drivers, tour operators, and straw vendors.

“There will be a lot of trickle-down potential as a result of this project, and I am looking forward to it. I believe it will provide that spark for the economy that we were all looking for, and I’m sure there are lots of good investors out there that have been taking a wait and see approach. But now that a project of this magnitude is about to take off, together with what is happening with Carnival in the east, I think a lot of persons will take a real serious look at Grand Bahama now.”

Also at the signing were many of the neighbouring merchants at the Port Lucaya Marketplace.

Lauren Wells, the owner of Freeport Jewellers, is excited about the sale of the resort and what is expected to come.

“I like what I heard from the CEO of Royal Caribbean (Michael Bayley) who gave his commitment to seeing the project through to fruition,” she said.

Ms Wells stuck it out and kept her business open, despite the hard times and challenges following the closure of the hotel in 2016 following Hurricane Matthew.

She said: “I feel very positive, but it would be good for us when we see work started over there. We have been in this position before where there have been promises after promises, but the CEO said he would not let this project fall, and he brought us confidence.”

She was also grateful to Royal Caribbean for the company’s humanitarian relief assistance to Grand Bahama following Hurricane Dorian and its continuing ongoing efforts here with relief.

Noel Clarke, operator of Agave, a Latin restaurant, thinks the project will have a tremendous widespread impact on the island of Grand Bahama.

“I am very optimistic about it in terms of tourism, and its impact on other sectors. It would not only be felt in Port Lucaya but island-wide; it will touch every industry,” he said.