Categorized | National News

Lighthouse Yacht Club is sold

The Lighthouse Yacht Club in Nicholls Town Andros has been sold for $1.5 million. 

Hotel Board Chairman Fredrick McAlpine told members of the House on Thursday that the Cabinet of The Bahamas has approved the recommendation from the hotel board to sell the hotel. 

He said, “In October 2017 the public along with those interested was invited to put in bids for the sale of the hotel. Five bids were received ranging from $800,000 to $1,500,050. 

“The board did its due diligence and recommended to the Cabinet of The Bahamas who we felt would be able to develop the 20-room hotel located on 11 acres of land.” 

Mr. McAlpine also announced that there is an offer on the table for a property in the west  of the hotel  for $1 million.

Mr. McAlpine said  that in less than a year,  the  current administration would have brought to an end the sale  by way of negotiation, strategy and  administration  and will liquidate a 26-year-old half a million-dollar loan at the bank of The Bahamas. 

The successful sale of the Lighthouse Yacht Club marks the end of a 25-year process, to extricate the Government from the business of hotel ownership.

This process begun under the first Ingraham administration in 1992, with the sales to Sandals and SuperClubs Breezes.

The last Ingraham administration was trying to negotiate a sale to Illinois-based Scheck Industries when it left office in May 2012. 

The bid was intended to end financial bleeding that was costing the Hotel Corporation $500,000 per year.

Written by Jones Bahamas

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