Bahama’s Grand Lucayan Sold to RCCL-Led Partnership
The government of the Bahamas has sold the Grand Lucayan to a partnership between Royal Caribbean International and Bahamas Port Investments.
Authorities hope to reinvest $250 million in the hotel and the redevelopment of the cruise port.
A signing ceremony was held on the great lawn of the property earlier, some 11 months following the signing of the letter of intent.
Prime minister of the Bahamas, Hubert Minnis, said the intention of the government had never been to hold on to the property, which was initially purchased to save Grand Bahamians’ jobs.
The prime minister also noted that discussions are currently ongoing to determine the best way to redevelop the Grand Bahama International Airport, which will require a major investment.
Bahamas minister of tourism and aviation, Dionisio D’Aguilar, said: “I am extremely excited that the intended purchasers of this hotel are Royal Caribbean and the ITM Group.
The development projected for the Grand Lucayan will bring about a total transformation of the resort.
Hundreds of millions of dollars will be invested into the property to refurbish/renovate/reconstruct 500 rooms in phase one and another 500 rooms along with 500 villas in phase two.
Additional features will include a new casino, a spectacular water theme park and a new shopping, restaurant and retail center.
In addition, a new cruise port will be built in the Freeport Harbour to accommodate three ships in phase one and up to seven ships in subsequent phases.
As a result of the purchase, 3,000 direct and indirect jobs will be created in construction as well as in employment at the hotel and cruise port.