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LOI signed on Grand Lucayan purchase

Lucayan Renewal Holdings Ltd today signed a Letter of Intent with Royal Caribbean Cruises Ltd and the ITM Group to begin exclusive negotiations for the purchase of the Grand Lucayan Resort at a price of $65 million, and the redevelopment of the Freeport Harbour. Pictured: Minister of Tourism Dionisio D’Aguilar (third from left, seated), along with Minister of State for Grand Bahama, Senator Kwasi Thompson (second from left), was joined by Michael Scott (centre), chairman of Lucayan Renewal Holdings Ltd.; Russell Benford (third from right, seated), vice-president of Government Relations/Americas for Royal Caribbean; Mauricio Hamui (seated second from right), chief executive officer of ITM, along with Board Members of Lucayan Renewal Holdings (standing) for LOI signing for the purchase of the Grand Lucayan resort, in the Office of the Prime Minister on Wednesday, March 27, 2019. (BIS Photo/Lisa Davis)

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Date:
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Office of The Prime Minister
Wednesday, March 27, 2019
Wednesday, March 27, 2019

FREEPORT, Grand Bahama 27 March 2019 – (PMO) Lucayan Renewal Holdings Ltd. today signed a Letter of Intent with Royal Caribbean Cruises Ltd. (RCL) and the ITM Group to begin exclusive negotiations for the purchase of the Grand Lucayan Resort at a price of $65 million, and the redevelopment of the Freeport Harbour.


The proposed joint-venture project between RCL/ITM will include the redevelopment of the Grand Lucayan Resort into a world class destination, featuring water-based family entertainment, with dining, gaming and entertainment options, and five-star hotel accommodations.

The redevelopment of the Freeport Harbour is anticipated to result in a significant increase in cruise ship arrivals, bringing approximately an additional 2 million passengers annually to Grand Bahama.

Phase one of the proposed development represents a projected $195 million investment over a 24-month period. Approximately 2,000 jobs are expected to be created in the first phase of the project.

Wednesday’s announcement follows a successful marketing campaign that attracted 62 expressions of interest and 11 letters of offer.

On Friday 22 March 2019 the Board of Directors of Lucayan Renewal Holdings Ltd. unanimously approved a resolution to recommend to the Cabinet the sale of the Grand Lucayan Resort to RCL/ITM.

“It is my sincere hope that Bahamians, and in particular, Grand Bahamians, will take advantage of the opportunities being created not only for employment but for self-employment. I want to see young people achieving their dreams of owning a business that will serve the visiting public as well as Bahamians,” said Minister of Tourism Hon. Dionisio D’Aguilar.

“The Government is doing all in its power to generate the increase in visitor traffic to Grand Bahama and it will be up to us to ensure the increase in visitor spend to churn our economy.”

Michael Bayley, President and CEO Royal Caribbean International, said the redevelopment of the Grand Lucayan Resort has tremendous potential to significantly increase tourism to Grand Bahama.

The PM recently attended a multi-lateral meeting with President Trump and other Caribbean leaders at Marilago Resort in Florida. Watch a ZNS News segment about the event here.

Lyford Cay International School broke ground on its new campus today in a ceremony attended by Prime Minister Hubert Minnis and other dignitaries.

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