August 28, 2018
The Grand Lucayan resort.
Stories this photo appears in:
Thirteen alternatives to ‘act of humiliation’
The Grand Lucayan’s ex-chairman yesterday urged the Davis administration to pick up four “serious” purchase offers for the resort that he left behind as an alternative to “an act of humiliation”.
‘Linking Lucayan to port project was best deal’
FREE National Movement Leader Michael Pintard said when negotiations between Royal Caribbean/ITM Group were bogged down after Hurricane Dorian, the sale and acquisition of the Grand Lucayan hotel was put in jeopardy.
WALKING AWAY: Govt pulls plug on Grand Lucayan deal and is now seeking other investors
THE agreement between the government and Royal Caribbean Cruise Lines/ITM Group for the acquisition of the Grand Lucayan resort has been cancelled.
Cooper - like FNM - hopes for Lucayan deal ‘soon’
DEPUTY Prime Minister Chester Cooper said the Davis administration is determined to fix the Grand Lucayan resort, adding an announcement on the beleaguered property will hopefully be made soon.
Renovation on Grand Lucayan to begin 'within budget year'
MINISTER of State for Grand Bahama Senator Kwasi Thompson said the government expects renovation and construction to begin at the Grand Lucayan hotel “within this budget year”. “We had recent conversation with the developers… RCL and ITM and we are
'Revisions' sought to Grand Lucayan deal
A Cabinet minister yesterday said “it’s full steam ahead” on the Grand Lucayan’s redevelopment even though the ITM/Royal Caribbean joint venture is seeking “certain proposed revisions” to the deal. Dionisio D’Aguilar, minister of tourism and aviatio
'No virus delay' for Lucayan's $300m revival
A Royal Caribbean executive yesterday said it “anticipates no delay” or negative impact to the $300m Grand Lucayan redevelopment as a result of the coronavirus fall-out.Russell Benford, the cruise line’s vice-president of government relations for the
Grand Lucayan deal likely to be signed next month
THE sale of the Grand Lucayan resort in Grand Bahama is expected to be made final when a Heads of Agreement is signed on March 2. Prime Minister Dr Hubert Minnis made the announcement last night, while foreshadowing the creation of 2,000 to 3,000 jo
Grand Lucayan to re-open Tuesday
The Grand Lucayan resort will re-open on Tuesday, its chairman revealed yesterday, in a move that will return 200 staff to work and seek to narrow the government’s ongoing subsidy.
Grand Lucayan LOI in 30-day extension
The government has extended the Letter of Intent (LOI) for the Grand Lucayan’s purchase by 30 days as ITM and Royal Caribbean seek to “tie down” their airlift and sealift plans. Well-placed Tribune Business sources confirmed last week that the LOI,
Grand Lucayan sale still on track - Kwasi
NEGOTIATIONS are on track and the government is continuing its due diligence for the sale of the Grand Lucayan resort, according to State Minister for Grand Bahama Senator Kwasi Thompson, who said last week that his government is “anxiously” awaiting a completion of the process.
Lucayan managers agree settlement
GRAND Lucayan managers have agreed to voluntarily separate from the resort with a total payout of $4.4m, Tourism and Aviation Minister Dionisio D’Aguilar announced yesterday, signalling the end of an at times contentious battle between stakeholders.
'Long way to go' in Grand Lucayan process
WHILE a letter of intent has been signed for proposed new owners to take over the Grand Lucayan, there is a long process ahead.
A GRAND RESULT: Lucayan deal brings massive economic boost
THE government signed a letter of intent yesterday with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour, signaling an impending turnaround for Grand Bahama’s beleaguered economy.
Royal Caribbean International, ITM Group purchase Grand Lucayan
THE government signed a letter of intent Wednesday with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour, signaling an impending turnaround for Grand Bahama’s beleaguered economy.
Lucayan managers in new ‘reasonable’ proposal to govt
The Grand Lucayan’s managerial union is seeking a ministerial meeting early this week after submitting a “reasonable” offer to resolve the long-running payout impasse.
Grand Lucayan buyers down to 'three or four'
THE government has narrowed its list of potential purchasers for the Grand Lucayan down to “three or four” out of 60 interested bidders, according to Tourism Minister Dionisio D’Aguilar.
Lucayan ‘finalists’, union offer under scrutiny this week
The best bids for the Grand Lucayan, and the government’s voluntary separation offer to its managers, will both be discussed tomorrow as efforts to resolve the resort’s future heat up.
‘Lucayan purchase was essential for economy’
PRIME Minister Dr Hubert Minnis yesterday insisted that government’s purchase of the Grand Lucayan Resort was essential to save the Grand Bahama economy, and that he would do it again.
Govt spends $13m to cover Lucayan operational costs
The government injected $45.4m into the Grand Lucayan resort, including $13m to cover its operational costs, during the six months to year-end 2018, it was revealed last night.
End-March for best Lucayan purchaser
The Grand Lucayan’s chairman says the board is targeting end-March 2019 to recommend a purchaser for the resort - a timeline that meets the deadline set at the outset.
VSEP packages at Grand Lucayan could go back several years
VOLUNTARY separation packages for line staff at the Grand Lucayan resort could include monies owed to some hotel employees for several years, according to Labour Minister Dion Foulkes.
Grand Lucayan workers will get what they deserve – PM
PRIME Minister Dr Hubert Minnis yesterday addressed the Grand Lucayan severance pay dispute, saying his administration is “law-abiding” and will ensure those employees who are eligible will receive what they are entitled to.
‘Owning Grand Lucayan an investment in our economy’
FINANCE Minister K Peter Turnquest yesterday told critics that the government’s decision to temporarily own the Grand Lucayan was an “investment” toward the overall health of the economy.
Grand Lucayan sale still likely in second quarter of 2019
OFFICIALS are still eyeing a second quarter 2019 sale of the Grand Lucayan resort with “April to June” pegged as a timeline for the sale, chairman of Lucayan Renewal Holdings Michael Scott told The Tribune yesterday.
‘Government keeps moving goalposts over Grand Lucayan’
THE government continues to move the “goalpost” on the resale of the Grand Lucayan property, Senator Michael Darville suggested yesterday.
Lucayan union ‘feasts on economic tragedy’
The Grand Lucayan’s managerial union has been accused of “feasting on an economic tragedy” by demanding an extra $650,000 payout after the hotel had already upped its offer by $500,000.
Grand Lucayan payouts ‘before Christmas’
THE government is working on completing voluntary separation payouts for Grand Lucayan staff before Christmas, according to Finance Minister K Peter Turnquest, who yesterday insisted there was an agreement with the workforce’s trade unions.
Govt invests $3.5m in Lucayan facelift
The Government is investing $3.5m in pre-sale upgrades at the Grand Lucayan, the resort’s chairman revealed yesterday, with a preferred buyer unlikely to be selected before Easter 2019.
‘Why should we pick up Lucayan severance bill?‘
PROGRESSIVE Liberal Party Leader Philip Davis yesterday blasted the government for placing the burden of Grand Lucayan severance packages on taxpayers, pointing to “myopic” and “incompetent” negotiations.
Severance offers for Lucayan staff imminent
The Grand Lucayan’s workforce will likely be cut by 50 percent through a voluntary separation (VSEP) exercise to launch around month’s end, the resort’s chairman revealed yesterday.
Lucayan chair slams 'nasty, torturous' close
The Grand Lucayan’s chairman yesterday accused Hutchison Whampoa of displaying “a lot of bad faith” over the $65m deal’s closing, branding negotiations as “nasty and torturous”.Michael Scott, chairman of Lucayan Renewal Holdings, the Government-owned
Thompson confident of Grand Lucayan sale
GRAND Bahama State Minister Senator Kwasi Thompson revealed that there is “high interest” from prospective buyers to purchase the Grand Lucayan resort property in Grand Bahama.
Buyers line up for Grand Lucayan
LUCAYAN Renewal Holdings Limited, the government’s special purpose vehicle given the task of finding a purchaser for the Grand Lucayan, has received “several” expressions of interest from prospective buyers.
Hutchison escapes $3.25m tax on Grand Lucayan sale
The Government was “too nice” in allowing Hutchison Whampoa to exit its Grand Lucayan debacle without paying $3.25m in Stamp duty and pocketing other payments/concessions.
Opposition refuse consent on Grand Lucayan debate
DEBATE on a resolution for a $35m loan to complete the government’s Grand Lucayan purchase in Grand Bahama was delayed yesterday after the Official Opposition refused consent insisting they did not receive the needed documents to properly debate the
Lucayan’s $1m staff debt safe
The government will assume all li abilities including about $1m in back pay owed to workers at the Grand Lucayan resort in Grand Bahama.
Lucayan valuation only now underway
AS the Minnis administration aims to complete the purchase of the Grand Lucayan resort in Grand Bahama next week, The Tribune was told officials are in the process of having the resort reappraised for reselling purposes.
‘What was Lucayan valued at?’
OFFICIAL Opposition Leader Philip “Brave” Davis yesterday demanded the government make public an appraisal done on the Grand Lucayan, telling supporters the Minnis administration may be spending far more than the resort’s estimated value.
Payment details revealed for Grand Lucayan purchase
THE government intends to write a promissory note to Hutchinson Whampoa to complete the $65m purchase of the Grand Lucayan, The Tribune was told.Last week, Prime Minister Dr Hubert Minnis revealed the government made a $10m down payment towards the p
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