The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Grand Bahama Chamber of Commerce president said it is “great news” that there are three prospective buyers for the Grand Lucyan hotel, saying this is more positive for the island than has previously been revealed.

James Carey told Tribune Business that the revelations by Deputy Prime Minister Chester Cooper, who is also the Minister for Tourism, Investments and Aviation, on a local talk show yesterday confirming that the government has three prospective buyers for the Grand Lucayan hotel, is a “positive sign for the island”.

Mr Carey said: “The minister is not going to give out misinformation, so I think that it is a very positive statement that is more positive than he is letting on that he is being honest with what he is saying.”

Mr Cooper said yesterday: “The hotel continues to be a part of my project moving forward. I’m delighted to tell you that there’s significant interest and I promised the Bahamian people that when I get the money in the bank, I’m going to tell more. I’m not going to say anything more than that.”

Mr Cooper had said in March that there were three credible offers for the Grand Lucayan hotel and promptly shut down further questions on the matter until something tangible from one of the buyers had materialised.

Mr Cooper also said: “We have three very vibrant, interested, active interests. We are going to continue to work with them and we are really gauging what we say, how we say it.

“You see the people of Grand Bahama have heard a lot of talk over the years for decades now, they’ve suffered a lot. They’re not interested in much talk they want to see action and action is what we will do. “

However, sources in Grand Bahama say they have not seen or heard of any prospectors scouting the property in any attempts to purchase.

Mr Carey added: “I think there are serious opportunities for Freeport and Grand Bahama and once we can get some businesses like the hotel going and then for the Six Senses to come on board, I think Freeport is wide open for positive development and every bit helps.

“Any purchase of that hotel, it would be some time before they can open it up to its full glory because of the renovations that may be necessary.

“The Grand Bahama Port Authority is very keen on development and they are redoubling their efforts to secure investment, both locally and internationally, so it looks good if a few pieces of the puzzle drop into place.”

The last time the government was close to selling the Grand Lucayan was with Electra America Hospitality Ltd for $100m that fell through less than six months after it was announced in May 2022.

The sale of the Grand Lucayan has been wrought with difficulties since the government previous Free National Movement administration under Dr Hubert Minnis decided to purchase the property in 2018, in what now seems to be an ill-advised venture because not only is the property a burden to the taxpayer, but its attractiveness is compromised due to current lack of supply of airlift to the island and the uncertainty on when the Grand Bahama International Airport will be fully functional with new management.

Mr Carey also said: “Mr Cooper said on a previous occasion that he won’t say anything until he has a deal, so I’m hoping he is not just revealing the fact that hey has a deal that’s not really spoken.”