The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

AFTER years of economic uncertainty and repeated disappointments, Grand Bahama is bracing for what could be a pivotal turning point this week involving a potential sale of the Grand Lucayan Resort.

Prime Minister Philip “Brave” Davis is expected on the island on Thursday to announce the signing of a long-anticipated Heads of Agreement for the sale of the hotel property on the Lucaya strip.

Representatives at Port Lucaya Marketplace have expressed excitement over the news and said celebrations are being planned for what is hoped will be the beginning of an economic revival for the island and its tourism hub.

The news has been especially uplifting for straw vendors and tenants at Port Lucaya Marketplace (PLM), who have struggled for years amid Grand Bahama’s stagnant economy.

“There is a buzz in the air at the marketplace,” said Lorenzo McKenzie, president of the Straw Vendors Association at Port Lucaya Marketplace. “We are so excited about what’s going to happen for us in Port Lucaya and Grand Bahama on the whole. This is welcome news to know that we finally have a deal that is going to close at the hotel and that is going to bring business for the straw vendors and stores in Port Lucaya.”

The Grand Lucayan Resort has been the sole anchor property in Grand Bahama’s tourism industry since 2018, when it was initially sold to Hutchison Whampoa. However, the once bustling property, comprising of three hotels, has remained dormant following extensive damage by Hurricane Matthew in 2016.

In 2018, the Minnis-led Free National Movement government purchased the Grand Lucayan for $65 million with plans to resell it quickly.

In 2020, a deal was announced with Royal Caribbean Cruise Line and the ITM Group to redevelop the property into a world-class resort. However, when the Progressive Liberal Party took office in 2021, the Davis administration cancelled the agreement, saying it was not in the best interest of Bahamians and promised to find a more beneficial investor.

In 2022, the Davis administration announced a $100m purchase offer by Electra America Hospitality, but that deal fell through after the investors, described by DPM Chester Cooper as “good for Grand Bahama,” failed to meet the required due diligence deadline.

With Thursday’s anticipated signing, vendors are feeling hopeful again.

“Some are keeping their fingers and toes crossed,” said Mr McKenzie. “When things have not been happening for us as vendors for so long, for decades from Jeanne and Frances, and to hear that somebody is getting ready to do an investment in Port Lucaya, it is overwhelming. We don’t have no room for doubt because we have been doing bad for so long.”

Third-generation straw vendor Beverley Gray of Divine Crafts is cautiously optimistic.

“I have faith in God and I believe in God, but I am tired of hearing of potential sale,” she said. “When I see a copy of the deed and they show something on TV with the deed that it is sold, then that’s when I will believe it is sold,”

For longtime vendor Dorothy Pratt Bain, the news is a reason to celebrate.

“I am just overwhelmed over the sale of the Grand Lucayan that my government is doing,” she said. 

Scieska Jones, Port Lucaya marketplace entertainment and marketing manager, invites residents throughout the island to come to the marketplace on Thursday evening when the Prime Minister makes the announcement.

She said the Prime Minister would rush along with the Swinger’s Group, the New Year’s Day parade junkanoo winners, from the hotel’s Manor House to the market square.

Entertainment will include the Top Tier Band, DMAC, Limbo and Fire dancer Rocking Robin, as well as a spectacular fireworks show.

“In October 2016, Hurricane Matthew devastated Grand Bahama Island, in particular, the Port Lucaya area. As a result, the Memories Resort and Casino and the Grand Lucayan Beach and Golf Resort were forced to close their doors,” she said.

Port Lucaya Marketplace lost many of its tenants and many of the shop spaces there are vacant.