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Lucayan Price Tag Set At $150m

The Grand Lucayan resort in Grand Bahama.

The Grand Lucayan resort in Grand Bahama.

By RASHAD ROLLE

Tribune Senior Reporter

rrolle@tribunemedia.net

MINISTER of Tourism, Investments and Aviation Chester Cooper said the government hopes to sell the Grand Lucayan resort for about $150m, the amount that has already been invested in the project.

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Deputy Prime Minister Chester Cooper. Photo: Donavan McIntosh/Tribune staff

“That’s the number,” Mr Cooper told reporters yesterday. “We believe that that is an attractive proposition — 25 hundred acres of prime beachfront property, a golf course, a marina site. This is a magnificent site, it has the opportunity to really drive the economy for Grand Bahama and can be a substantial plank in the offerings of one of the major brands, so we’re looking forward (to) the best deal for the people of Grand Bahama and the taxpayers.”

The agreement between the government and Royal Caribbean Cruise Line/ITM Group for the acquisition of the resort was cancelled last month. Mr Cooper said bad terms negotiated under the Minnis administration and a lack of clarity on how quickly the project would be advanced were to blame for the failed deal.

Yesterday, Mr Cooper said the Davis administration is sending a clear message that it wants the process of selling the resort to be done swiftly.

 “We are in an active process now of engaging all of those persons who are interested,” he said. “I’ve said before that there are six credible buyers. There are more coming to the table, we now have the board in place, we are retaining a broker who is going to be managing the process for us.

 “As you can imagine this is a very attractive property, an attractive offering, it’s the anchor for Grand Bahama and, therefore, we see a few potential participants in this bid coming forward every day so we are seeking to get through that initial pre-qualification stage over the next six weeks and then we will have a shortlist of potential buyers and then hopefully at that point we’ll come back and give another update, but as it stands we recognise the significance of this property to tourism, to employment in Grand Bahama, to the business community and to the people generally.”

 Mr Cooper wouldn’t say how many potential investors will be shortlisted, only that it will depend on how many meet the criteria of having a clear vision and significant financial resources.

 He said the government will refine the selection process over the next week or so.

Comments

tribanon 3 days, 15 hours ago

Talk about corrupt politicians milking a fat milk-laden cow for all it's worth.

Sleazy Cooper will now make sure millions and millions of dollars more of the taxpayers money is spent in trying to realise the very unrealistic $150 million price tag the corrupt Davis-led PLP administration has placed on the Lucayan Hotel property.

It didn't take Sleazy Cooper long to realise Minnis's Lucayan debacle could be turned into the gift that keeps on giving to the corrupt political elite. After all, why should Minnis, D'Aguilar and "Dr." Scott be the only ones to have enjoyed heavily sucking on the sweet milk of the fat milk-laden Lucayan Hotel cow.

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stocktonfuller 3 days, 12 hours ago

$150 million is an unrealistic price for this property

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TalRussell 3 days, 10 hours ago

Obviously Freeporters', have always been okay with Red Shirts, dumping $200+ millions into a shantytown of a resort, long recommended for demolition.
De only thing, wantin' to move into De Grand Lucayan Hotel, are de bulldozers and everything else cockeyed as Freeporters' - continued support de Red Shirts, ― Yes?

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