The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister said yesterday that there remains “ongoing interest” in the acquisition of the former $4.9 billion Ginn Sur Mer project in Grand Bahama, noting that four to five groups have assessed the development so far this year.

Minister for Grand Bahama Dr Michael Darville told Tribune Business that up to two weeks ago another group had expressed interest in the project. “There is quite a bit of interest with the Ginn project. Up to two weeks ago another group was in Grand Bahama to look at the project. I can’t comment on the extent of the interest,” Dr Darville said.

“As Minister for Grand Bahama, when these investors come on the island and look for potential projects, if the Ginn project is of interest to them it is my responsibility to make the arrangements for them. There is ongoing interest with that property.

“It’s an awesome piece of infrastructure and development. I am convinced that sooner or later we will find the right investor for that project and once again activate it for the west district of Grand Bahama and create the necessary jobs and direct foreign investment on that island. This year I think there has been about four to five different groups who have expressed interest. Whether or not they contacted the various principals I could not speak to that,” he said.

What would have been the core project is owned by Lubert-Adler, the Philadelphia-based investment bank that was Ginn’s financing partner. It holds 280 acres that were earmarked as the site for the hotels and casino, and its landholdings also include key amenities such as the airport, marina and utilities.

Lubert-Adler also controls the Old Bahama Bay Resort, the golf course, the existing marina, commercial facilities such as the restaurants and retail and associated operational facilities. But a Credit Suisse-led lending syndicate took possession of the remaining 1,476 acres at the former Ginn Sur Mer project after Ginn Development Company defaulted on its $276m loan in 2008.

It effectively inherited the real estate component of the Ginn project, and is looking to develop that in partnership with its own master planner, Replay Resorts.