August 22, 2018
The Grand Lucayan resort in Grand Bahama.
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The failed $100m Grand Lucayan sale is set to cost Bahamian taxpayers a further $9.1m with subsidies to the resort for the full fiscal year near-doubling in the 2022-2023 mid-year Budget.
LUCAYAN Renewal Holdings Limited said Friday that negotiations surrounding the sale of the Grand Lucayan in Grand Bahama are progressing towards a successful deal.
The Grand Lucayan’s Board was last night said to have granted the resort’s prospective purchaser a further seven-day extension so that it could assess “outstanding matters” relating to the $100m deal.
The Grand Lucayan’s chairman says there are no obstacles or barriers to closing the resort’s $100m sale “from our side” ahead of a key deadline for the negotiations being hit in 48 hours’ time.
THE former chairman of Lucayan Renewal Holdings believes the government must fully commit to redevelopment and reconstruction of the Grand Bahama International Airport in order to successfully conclude negotiations over the sale of the Grand Lucayan resort.
MANY vendors at the Port Lucaya Marketplace are optimistic about the sale of the Grand Lucayan hotel alongside the new mega cruise port venture, which are expected to revive Grand Bahama’s ailing economy.
The Government was yesterday urged to fix “the low hanging fruit” by ensuring Grand Bahama International Airport remains open beyond 6pm while it moves to close the sale of the island’s major resort.
BAHAMAS Port Investment Limited offered to purchase the Grand Lucayan resort from the Minnis administration for $50m and also wanted the former government to provide $100m in cash concessions for redevelopment of the property, Deputy Prime Minister Chester Cooper revealed of the since-binned purchase agreement yesterday.
ELECTRA America Hospitality Group has made a $100M purchase offer for the Grand Lucayan Resort at Grand Bahama.
The Government had no choice but to acquire the Grand Lucayan resort because its threatened closure “had the potential to sink Grand Bahama”, the former deputy prime minister argued yesterday.
FIVE bidders have been invited to present plans to the board of Lucayan Renewal Holdings Ltd regarding the Grand Lucayan Resort on Sunday, Tourism, Investments and Aviation Minister Chester Cooper said yesterday.
PRIME Minister Philip “Brave” Davis said there are “two significant” offers for the purchase of the Grand Lucayan resort in Grand Bahama that the government is mulling over.
THE offer process for the sale of the Grand Lucayan resort in Grand Bahama has started in earnest and seven serious inquiries of the property have been made, Tourism, Investments and Aviation Minister Chester Cooper said yesterday.
The Bahamas Real Estate Association’s (BREA) president yesterday said it was “very sad and disheartening” that the Government had seemingly “sidelined” the sector on the Grand Lucayan sale.
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.
DEPUTY Prime Minister Chester Cooper is “disheartened” after learning specific details of the deal for the sale of the Grand Lucayan property in Grand Bahama.
The Grand Bahama Chamber of Commerce’s president yesterday urged the newly-elected government to make the Grand Lucayan’s sale “a high priority” and get it “across the goal line” as rapidly as possible.
THE delayed sale of the Grand Lucayan hotel in Grand Bahama is being watched closely with frustration and optimism by local hotel union officials.
The government-owned Grand Lucayan yesterday said it is seeking almost $3m in compensation from the Grand Bahama Port Authority (GBPA) for “the exorbitant loss and damage” caused by poor quality water.
The Grand Lucayan’s chairman yesterday blamed the resort’s recent closure to overnight guests on an inferior water supply that “rotted our chillers” and left it without air conditioning.
THE Bahamas Hotel Managerial Association (BHMA) intends to appeal a ruling handed down in the Supreme Court on June 3 which dismissed wrongful/unfair dismissal claims by 37 current and former managers at the Grand Lucayan Resort.
The Grand Lucayan’s chairman yesterday hailed a Supreme Court verdict dismissing wrongful/unfair dismissal claims by 36 current and former managers as “a victory for common sense and sanity”.
A senior Royal Caribbean Cruise Lines executive yesterday voiced optimism that its Grand Lucayan acquisition will finally “close this summer”, adding that negotiations were “down to a handful of documents”.
The Grand Lucayan’s chairman last night said the government-owned resort will not necessarily re-hire former staff among the 50-60 persons it is seeking to recruit for the re-opening.
PRIME Minister Dr Hubert Minnis is satisfied his government is getting “the best price possible” for the Grand Lucayan hotel on Grand Bahama, adding negotiations are progressing well.
OFFICIALS are still reviewing a proposed post-COVID deal by Royal Caribbean and the ITM Group for the sale of the Grand Lucayan resort, according to State Minister for Finance Kwasi Thompson who lamented that the terms are “not as favourable as before”.
The Grand Lucayan’s Board is mulling a February 2021 re-opening in a bid to prevent the resort from becoming a “wasting asset” amid the growing uncertainty surrounding its potential sale.
Consultants have been hired to review the Grand Lucayan deal’s merits amid growing doubts that it now delivers the promised benefits to the Bahamian people, Tribune Business can reveal.
The government is hoping for full turnover of the Grand Lucayan Resort to the Holistica Group by the end of year, according to Minister of State for Grand Bahama Senator Kwasi Thompson, who describes the deal as “hugely important” to Grand Bahama’s recovery.
The Grand Lucayan's sale will not close until Royal Caribbean and its joint venture partner have sealed the deal for Freeport Harbour, a Cabinet minister disclosed to Tribune Business.
A major obstacle to the Grand Lucayan’s sale was this week eliminated by the Supreme Court’s denial of an injunction bidding to block the terminations of around 175 staff.
The Government will have spent more than $11m on employee termination packages and support by the time it closes the Grand Lucayan’s sale, it was revealed yesterday.
The joint venture purchaser/developer of Freeport’s Grand Lucayan resort last night said it has “secured the required liquidity” for its planned $300m project and will shortly discuss “timelines” with the government. Robert Shamosh, Holistica Destin
OFFICIALS are eyeing a mid-February deadline for the completion of the sale of the Grand Lucayan resort in Grand Bahama. According to Michael Scott, chairman of government’s special purpose vehicle that owns the resort, the agreement on the final tr
Around 50 percent of potential Grand Lucayan buyers have gained access to the “data room” holding details on the property, the Minister of Tourism revealed yesterday.Dionisio D’Aguilar said he remains “hopeful” a buyer will found for the island’s las
The Grand Lucayan’s chairman yesterday said he is defending “the interests of 400,000 Bahamas residents” over staff payout demands that exceed the resort’s offer by $4.6m.Michael Scott told Tribune Business that neither of the two unions representing
The Grand Lucayan’s chairman was yesterday locked in meetings over the “extravagant” voluntary separation payments demanded by the two unions representing the resort’s staff.Michael Scott told Tribune Business he was negotiating with representatives
The Grand Lucayan’s chairman yesterday estimated it will cost the Government between $2-$3m to finance the voluntary departures of 150 workers seeking to leave the resort.Michael Scott, pictured, in a statement issued yesterday, confirmed that the Go
THE union representing Grand Lucayan workers believes the government will recoup all financial expenses used to purchase the resort and more.
ATTORNEY Maurice Glinton, QC, believes the Minnis administration’s purchase of the Grand Lucayan resort is unlawful.In a recently written opinion piece, he described the purchase as evidence that the government’s “decision-making process (or lack the
THE government has given itself a little over a month to close bids for the sale of the Grand Lucayan, according to Hotel Corporation chairman Michael Scott.
THE Minnis administration has purchased the Grand Lucayan resort in Grand Bahama, Prime Minister Dr Hubert Minnis announced after a tour of the property on Wednesday.
THE Commonwealth Union of Hotel Services and Allied Workers believes the decision by Prime Minister Dr Hubert Minnis to purchase the Grand Lucayan Resort in Grand Bahama is good news for the union and its hundreds of members. President Michelle Dors