Categorized | National News

Minister Optimistic Over Hotel Sale

The Grand Lucayan, is one of Grand Bahama’s most anticipated investment projects, yet by the government’s own admission, wrapping up a sale for the beleaguered property is taking longer than expected.

State Minister of Grand Bahama, Senator Kwasi Thompson told members of the Senate yesterday  that the government’s commitment to this deal has never been stronger.

“While completing this deal has proven to be very complex, and is taking far more time than we have hoped, our resolve and dedication remains high. This deal must get done,” Mr. Thompson said. 

The Grand Lucayan closed for repairs following the devastation wrought by Hurricane Matthew in October 2016. However, it never reopened.

The government has long been in talks with the Wynn Group to have the property sold, in hopes of restoring activity to the entire Lucayan strip as quickly as possible.

In addition to the emphasis being placed on this deal, the Minnis  administration  is also said to be in final discussions with investors of the Grand Palm Beach Acquisitions regarding a $2.5 billion 10-year deal to revitalize the Ginn project in West End.

Senator Thompson said, “Grand Palm Acquisitions will construct, repair, revitalize, develop and operate a 246 room hotel and they will also have an additional two hotels, a banquet facility, a branded residence  and also a casino.

“They also anticipate having facilities for mega yachts, and what is interesting about this is, as a result of the technology hub initiative they have indicated that apart of their development will be a smart city where they will also be attracting technology companies, to set up their companies within the project. 

Written by Jones Bahamas

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