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Letter of Intent is first step in long process, admits Thompson

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Minister of State for Grand Bahama Senator Kwasi Thompson.

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

STATE Minister for Grand Bahama Kwasi Thompson has conceded the letter of intent signed by the government last week with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour represents only “the first step” in a long process.

His comments came in response to critics who have raised questions over the deal.

Mr Thompson was speaking to reporters outside the Churchill Building yesterday.

He said the LOI allows for the government to move forward with respect to exclusive negotiations with the ITM/Royal Caribbean Group.

Mr Thompson said while the government does anticipate smooth negotiations for the proposed $195m developmental, it did view the negotiations as “still a ways away”.

He continued: “We understand that. I believe that everybody understands that we are still a ways away. But the possibility and the opportunity, I think, cannot be understated. It provides us with a great opportunity.

“And so, the government is going to do all that it can to negotiate a very good deal. But also, to negotiate it in the shortest possible time. It is important for Grand Bahama. And all of us, I believe all of us, whether you are in the opposition, whether you are with government, whether you have no political affiliation; all of us want Grand Bahama to be better. And so, that’s what we are intending to do.”

Earlier this week, often disgruntled Pineridge MP Fredrick McAlpine reportedly said he was not excited by the deal.

He also took issue with the time for proposed completion for the Heads of Agreement for the purchase of the Grand Lucayan Resort.

At the LOI signing held at the Office of the Prime Minister in Grand Bahama last week, Mr Thompson noted the resort attracted some 62 expressions of interest from local and global firms, and by February 14, 11 offer letters were received and evaluated by the board of Lucayan Renewal Holdings.

He said that on March 22, the board unanimously approved a resolution to recommend to Cabinet the sale of the 217-acre resort to RCI/ITM.

According to Mr Thompson, the joint venture between RCI/ITM will not only combine the redevelopment of the Freeport Harbour as a cruise port of choice but will also transform the Grand Lucayan resort into a theme park, featuring water-based family entertainment, with dining, gaming and entertainment options and five-star hotel accommodations.

Comments

TalRussell 5 years, 8 months ago

Yes, yes and yes, has be one quickest backtractions of praise for the "Grand" Lucayan's "third" Letter of Intent (LOI) attempt, issued by "Free" ports chief appointed red shirts comrade... can't just make this up - yes, no - chairman Michael was onto something about ways red shirts politicians opens they mouths much too damn quickly.... brungs backs bad "fake signatory" OBAN memories, yes, no?

Well_mudda_take_sic 5 years, 8 months ago

This Kwasi clown obviously doesn't know that the business model of the cruise ship industry is to ring fence their own very large profit pie away from the local economy whose taxpayers are made to contribute a good chunk of their taxes to providing facilities for the cruise ships on an almost gratis basis, like dredged harbours and dockage. Our Minnis-led FNM government, Minnis and D'Aguilar in particular, certainly don't seem the least bit concerned about this well known fact as they go about negotiating one great giveaway deal after another with cunning executives and lawyers who represent their foreign cruise line companies.

birdiestrachan 5 years, 8 months ago

Caribbean Cruise Line will draw up a contract that benefits them and doc and Thompson will sign it. There is a story that some of those folks are all ready in the hotel, there was a some kind of foot ball game on the Our Lucayan Lawn. is it true or not??. who knows because these FNM fellows can never speak truth.

birdiestrachan 5 years, 8 months ago

Thompson tell the peoples time voters why if the Caribbean cruise , Ship yard has such a good relationship with Hutchison Whampoa . Why did they wait until the Government buy the Our Lucayan Hotel. then buy it when they could have purchased it from Hutchison>

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