Categorized | National News

PM To Release Details On Purchase

All details concerning the purchase of The Grand Lucayan will be laid on the table, as promised by Prime Minister Dr. Hubert Minnis, as the House resumes today.

The purchase of The Grand Lucayan has been pegged at $65 million, but just recently it was revealed that the government has to pay another $1million to Hutchinson Whampoa in losses.

Press Secretary, Anthony Newbold, yesterday remained tightlipped at the weekly press briefing, leaving all announcements to the Prime Minister.  However  he said the government does not intend to be involved with the hotel much longer. 

“Remember now, the government bought this property to sell it.

“They took some actions to avert further disaster,” he added. 

“What was happening in Grand Bahama was a disaster, still is a disaster, until the government concludes this and gets it going the way it ought to go. 

“So, the government is not out there buying this hotel saying, you know five years from now we’re going to be making a profit.

“The government does not intend to be involved in this hotel five years from now.”

Mr. Newbold said that the government will be responsible for the property until they find a buyer for The Grand Bahama resort.

When asked what happens if it takes longer than expected to sell, the press secretary said the government is confident that this won’t be the case. 

“It’s a hypothetical, we shouldn’t go there.

“We’ll see what happens after the sale is done with this guarantee tomorrow,” he added.

“There’s been interest expressed and the government is confident that they will be able to sell it.”

Written by Jones Bahamas

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