The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Grand Bahama investor yesterday said he has yet to receive a satisfactory offer for his second marina asset, revealing: “They’re in the right church, but sat in the wrong pew.”

Preben Olsen, confirming that he has signed an agreement to sell the Port Lucaya Marina, indicated to Tribune Business that he is under no pressure to exit the Grand Bahama Yacht Club which is presently enjoying a marina occupancy rate of around 80 percent.

Confirming that he had received several approaches for the property, Mr Olsen said interest from S. Kent Rockwell, one of the three philanthropists behind the acquisition of the First Commercial Centre for use as Doctors Hospital’s new Grand Bahama hospital, was not presently making progress as reported by this newspaper.

“It has certainly not gone anywhere at the moment. It may still be a possibility,” he disclosed. “We’ve had a couple of people show interest in the Yacht Club from other islands, without disclosing who it is. There are other possibilities, and since your article today [yesterday] I’ve had a few phone calls.

“Jamie [Sarles, the realtor], has been talking to a number of people, and there certainly has been interest for sure, and offers. A few people are in the right church but sat in the wrong pew. The Yacht Club is the best property. It’s a first class, five-star marina.

“Port Lucaya Marina is a rebuild project. It’s been closed for two years now, maybe getting on for three, right after Dorian in September 2019. The dock over there at Port Lucaya was an old dock, an old wooden dock, and the Yacht Club has concrete docks.”

The Yacht Club possesses 120 yacht and boat slips, and Mr Olsen added: “We are a super marina now. We have room for big mega yachts and everything here. It’s a big operation. We are busy at the moment. We probably have about 80 percent occupancy, which is very good.

“We have a lot of business booked to come in this summer, so we are looking for a very good season. I’m sure some of the people looking up here, they’ll know the other one [Port Lucaya] is sold, so maybe there will be more interest to talk to.”

Mr Olsen declined to reveal the purchase price for the Port Lucaya Marina, or disclose the purchaser’s identity, but described the latter as someone who was eager to move rapidly in redeveloping the marina and constructing a new 200-unit condo hotel on the Port Lucaya Hotel site.

“We are in the process of selling definitely,” he told Tribune Business. “We have found a very solid buyer and someone keen to do something quickly, and I certainly know Freeport needs some activity. We’re very pleased with that. We’ve some things to tie up on it.

“There is a signed contract and agreement but, as you know in The Bahamas, these things are not over until the fat lady sings. We need to go through the Government approvals and Investments Board, and all those things, so it takes time to get it finished.

“It’s certainly true that there’s a contract on the table signed by both buyer and seller. We have attorneys dealing with the paperwork. In The Bahamas, it will probably take anywhere from 60-90 days to complete the closing. I know the buyer is anxious, and I’m sure it’s going to go as quickly as it can.”

Mr Olsen said he had spoken to Chester Cooper, deputy prime minister, about the need to speed up business and investment-related approvals when the latter attended the Fort Lauderdale Boat Show last year,.

“I had a meeting with the deputy prime minister about speeding things up,” he told this newspaper. “He came down to see us when we had the Boat Show in Fort Lauderdale, and I discussed with him that that was one of my concerns.

“When things take too long, things can go bad. He assured us they were anxious to see deals happen, especially in Freeport, and we believe they’ll expedite it.”

Tribune Business revealed yesterday that the Port Lucaya Marina’s prospective purchaser is planning to construct a 200-unit condo hotel on the adjacent Port Lucaya Hotel site. While it is understood that the application for the necessary approvals has yet to be made, the buyer and his team have already been in contact with the Prime Minister’s Office.

While the purchaser’s identity has not been divulged, this newspaper understands its principal is a US, Florida-based investor with a strong background in the real estate and resort industries, and whose family has strong connections with The Bahamas and Caribbean.

He is said to have been involved with billions of dollars worth of real estate sales and resort-related condo projects, and both sides are now working towards completing the necessary due diligence and legal documents so the deal can close and the purchase price be exchanged.

James Sarles, principal of James Sarles Realty, who represented the buyer, said of the Port Lucaya Marina transaction: “There’s still some work to be done, and things to do with the Port Authority, but it’s a great opportunity for Grand Bahama because it’s someone in the marine business and will transform the whole Port Lucaya area.

“It’s going to have yachts, and it’s going to bring jobs and activity here. It’s a serious, serious player. It’s real. It’s very exciting. I can confirm it’s under contract, but I cannot release the name. It’s someone who has the funds and the vision to truly transform the Port Lucaya Marina and adjacent properties.

“I’m here looking at the Port Lucaya Marina now. It’s sad, it’s empty. We need the hotel (Grand Lucayan), marina and Marketplace working together. I think this is a start; a catalyst of good things to come. I know they’re [the buyer] very strong in the yacht business. That’s what’s exciting. It’s someone who brings something to the table in terms of future business.”