NASSAU| Prime Minister Philip Davis hinted that the Bahamian government is nearing a deal for the sale of the Grand Lucayan Resort in Grand Bahama.
Davis said discussions with a potential buyer are “intense,” but stressed the need for caution, stating that the government will not sell the resort just for the sake of boasting about completing a transaction.
“We want a world-class brand name to be associated with the opening, and I am hopeful and encouraged that we will have that. Within the next two weeks or so, we should be closing an arrangement,” Davis said.
The Prime Minister has previously indicated optimism about selling the resort this year.
Currently, the government faces substantial monthly costs of up to $1.5 million to maintain the property, which has remained largely unused.
The resort was acquired by the Minnis administration in August 2018 from Hong Kong conglomerate Hutchison Whampoa for $65 million.
An agreement with Bahamas Port Investments Limited was signed in March 2020, setting the final sale price at $50 million. However, plans for redevelopment that were set to commence in 2021 were delayed due to the COVID-19 pandemic, which altered the terms of the agreement. The deal eventually fell through, leaving the current government to find a new buyer.
