Categorized | Featured, National News

Govt Offers to Buy Grand Lucayan

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IMG_4551The possible boost of the economy of the nation’s second city Freeport is in the offing with the revelation that the government has made an offer to Hutchinson Whampoa to purchase the Grand Lucayan Resort.

 

This was revealed by Press Secretary Anthony Newbold during the the government’s weekly press briefing.

 

While details of the offer still remain sketchy, Mr. Newbold said full disclosure will be made when the prime minister feels it’s the right time to do so.

 

In July Dr. Minnis indicated the government was in talks to partner with unnamed investors to take an equity stake in a group that would ensure the Grand Lucayan’s re-opening in time for the winter 2018 season.

 

The August deadline set by Prime Minister Dr. Hubert Minnis for repairs to begin on Freeport’s ‘anchor’ hotel property has come and gone, and residents have expressed anxiety about the silence surrounding the Government’s efforts to craft a purchase in which it would take a part-ownership stake.

 

The Grand Lucayan’s closure to-date has resulted in the loss of 1,000-plus jobs; 59 per cent of grand Bahama’s hotel room inventory; and business closures and redundancies in the Port Lucaya marketplace. Many have warned that Freeport’s tourism sector may never recover if the property does not open for at least part of the 2017-2018 winter season.

 

Written by Jones Bahamas

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