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Despite Failed Hotel Acquisition Investor Remains Committed

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Royal Caribbean Cruise Line (RCCL) remains committed to Grand Bahama through its 40 percent stake in the Grand Bahama Shipyard, despite having to step aside from the Grand Lucayan Resort acquisition.

RCCL in a statement yesterday in response to them being kicked off of the deal for the purchase of the Grand Lucayan Hotel, said: “Bahamas Port Investments Limited (BPI), Royal Caribbean Group’s joint venture with ITM Group, and Lucayan Renewal Holdings Limited/Lucayan Beach Casino Holdings Limited, the owners of the Grand Lucayan Resort in Grand Bahama, have mutually agreed to terminate BPI’s contract to purchase the Grand Lucayan after ITM Group made the decision not to proceed with the acquisition. BPI will continue with its plans for a cruise port redevelopment project in Grand Bahama.

“Royal Caribbean remains committed to working with the Government of The Bahamas and the people of Grand Bahama to support the government’s vision for the transformation of the tourism product and offerings in Grand Bahama.”

The statement continues, “Upon learning of ITM’s withdrawal, RCCL immediately began searching for a new partner with experience as an established operator in the land-based hospitality industry.

“We look forward to participating in the new public bid process for the purchase of the Grand Lucayan once a bid is issued by the Government of The Bahamas. The transformation of the Grand Lucayan into a premier entertainment resort will complement our plans for the development of a world-class cruise port facility in Freeport to re-establish Grand Bahama as one of the world’s most popular cruise destinations.

“We look forward to providing regular updates on Grand Bahama where Royal Caribbean is also investing in the $450m transformation of the Grand Bahama Shipyard, in which Royal Caribbean holds a 40 percent stake. The transformation will position the facility to be the best of its kind in the world.”

RCCL also said: “In addition to investing capital into the revitalization of Grand Bahama, Royal Caribbean is committed to leveraging its millions of customers, international marketing and vast travel partner distribution network to ensure the success of the destination.

“RCCL maintains a strong relationship of more than 50 years with The Bahamas and reigniting economic growth and development including entrepreneurial opportunities in Grand Bahama remains a key priority.

Comments

birdiestrachan 4 months, 3 weeks ago

450 million at the Grand Bahama shipyard. But they said they could not buy the hotel because of Hutchison and an agreement at the Harbour.

What a tangled web they weave..

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Bahamas2022 4 months, 2 weeks ago

Why should they buy this ruin? White Elephant of communist thinking the state can manage the economy. Wasting taxpayer money, impoverishment of people. Welcome to Cuba!

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Maximilianotto 4 months, 2 weeks ago

Why should they or anyone else buy this ruin? The government is the only one who touts the saleability of these mildew infested ruins. They will waste another $100 m and announce weekly how close a deal is and international investors flocking.

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tribanon 4 months, 2 weeks ago

You obviously don't know how big time corruption works in our country today. The Lucayan hotel was never about once again being an economically viable resort property. Minnis bought it as a vessel to facilitate corruption on a massive scale that greatly benefitted Hutchison Whampoa, Royal Caribbean, and the owners of the Grand Bahama Port Authority. And of course Minnis, D'Aguilar and Scott, among others, made out like bandits for the role they played in seeing to it that the Bahamian people got royally fleeced.

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