Categorized | National News

Grand Lucayan Agreement Deadline Extended

Hurricane Dorian resulted in a deadline extension for an agreement to be made on the Grand Lucayan Resort, according to Lucayan Renewal Holdings Chairman Michael Scott.

The deadline has been extended to November.

Scott said the extended deadline came as negotiations were slowed because of the Category 5 hurricane.

“It’s been delayed by a month, but we’re deep into the negotiations now and each side has requisitioned the other on different facets of the deal,” the chairman said.

The original deadline was set for September or October.  However, the resort, according to Scott, suffered minor damage from the monstrous hurricane and the board is currently in the process of completing the insurance work.

Still, Scott asserted that both sides are hard at work to have negotiations completed by the new deadline.

The government purchased the beleaguered hotel last August for $65 million. The plan was to resell it as soon as possible. 

In April, the government signed a letter of intent with Royal Caribbean International and the ITM group to purchase the resort along with the redevelopment of the Freeport Harbour. 

Written by Jones Bahamas

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