Categorized | National News

Minister Says Grand Lucayan Sale Could Take Longer.

Having purchased the Grand Lucayan in Freeport, Grand Bahama last summer against the advice of many, the government had hoped to offload the property to a new owner as soon as possible.

Had the government’s plans followed through, an investor for the Grand Lucayan Resort would have – at the very latest – been locked down by the second quarter of this year.

This is what Tourism Minister Dionsio D’Aguilarindicated during an interview  with reporters yesterday outside the Cabinet office.

He said clinching a deal for the 400-plus acre property could take a bit longer.

“If it were just three people, then it would be easy, butits sixty or whatever the Chairman said,  and it might even take a little bit longer, but anyway we’ll see.

“We’re continuing the process.  What we’re reporting to the Bahamian people is that it’s a lot of interest,” the Minister said.  

“You have to gather all that information, you have to sift through it to see which ones are serious and not serious; then you have to begin a negotiation process to see on what terms they want to do it, this takes time.

“This is not something that you can flip a switch and it happens. This is a very important project, it is very important that we pick a credible partner.

“You know and I know that this thing doesn’t happen at the flip of a switch and to imply that it does is not correct,” he said.  

The Minister’s comments follow those of PineridgeMP Frederick Mcalpine, who on Monday told reporters that Grand Bahamians are not impressed with how many investors are jockeying to own the property, but rather that the resort is actually sold.

Overall, Minister D’Aguilar said the government is not prepared to take a lost in selling the resort, a property it purchased last summer at a cost of $65 million.

Written by Jones Bahamas

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