Lucayan Renewal Holdings  Limited  yesterday  signed  a Letter of Intent with Royal Caribbean Cruises Ltd. (RCL) and the ITM group to begin exclusive negotiations for the purchase of the Grand Lucayan resort at a price of $65 million, and the redevelopment of the Freeport Harbour.

In a release from Lucayan Renewal Holdings Ltd, the firm indicated that the proposed joint-venture project between winning bidders will include the redevelopment of the Grand Lucayan Resort into a world class destination, featuring “water-based family entertainment, with dining, gaming and entertainment options, and five-star hotel accommodations.”

It added that the redevelopment of the Freeport Harbour is expected to significantly increase cruise ship arrivals, pulling in an additional 2 million passengers annually to Grand Bahama. 

The statement said, “Phase one of the proposed development represents a projected $195 million investment over a 24-month period. Approximately 2,000 jobs are expected to be created in the first phase of the project”

Yesterday’s announcement follows a successful marketing campaign that attracted 62 expressions of interest and 11 letters of offer.  

This past Friday, the Board of Directors of Lucayan Renewal Holdings Ltd collectively approved a resolution to recommend to the Cabinet the sale of the Resort to the winning bidders.

 Tourism minister Dionisio D’aguilar said, ““It is my sincere hope that Bahamians, and in particular, Grand Bahamians, will take advantage of the opportunities being created not only for employment but for self-employment. I want to see young people achieving their dreams of owning a business that will serve the visiting public as well as Bahamians,” 

He added, “The Government is doing all in its power to generate the increase in visitor traffic to Grand Bahama and it will be up to us to ensure the increase in visitor spend to churn our economy.”

The  ITM group assured that it is “committed to co-develop with Royal Caribbean a world class destination and a leading cruise port hand-to-hand with The Bahamas government. 

Discussions leading to a Heads of Agreement, which is subject to the approval of the National Economic Council, will begin immediately on matters related to Bahamian employment requirements and Bahamian participation in specific areas. 

Its reported that Bahamians are set to enjoy significant ownership participation in restaurants, retail stores, transportation and watersports.