The Tribune

The sales process for the 409-acre Grand Lucayan property on Grand Bahama is “still ongoing”, Prime Minister Perry Christie said yesterday.

Speaking on the sidelines of the Accountant’s Week conference yesterday, Mr Christie said Hutchinson Whampoa, the property’s owner, is seeking to streamline its investments in Grand Bahama.

“It’s on record that they have made a major investment in hotels and suffered significant losses in hotel operations, but all to keep the economy of Grand Bahama going,” the Prime Minister said.

“They have hired a company called HVS to superintend the exploration as to who would wish to buy. The process is ongoing now as a part of Hutchinson Whampoa trying to streamline their investments in Grand Bahama, and to determine whether in fact there are buyers who are prepared to meet [their requirements].”

The Grand Lucayan has sustained losses since its opening, estimated at between $10-$20 million per year, and Cheung Kong Property Holdings (the real estate division for Hutchison Whampoa) has placed the  1,271-room property on the market, via a sealed bid auction process announced earlier this year.

The Grand Lucayan Resort complex has a total of 1,271 guest rooms. The resort complex includes four hotel elements: the 10-storey, 528-room Breaker’s Cay tower; 198-room Lighthouse Pointe, newly renovated as all-inclusive; 23 Lanai Suites - all with 12 food and beverage outlets and three swimming pools; plus the 522-room Memories Beach Resort (presently leased to a third-party operator).

Other amenities include a 40,000 square foot conference centre, including a 15,000 square foot ballroom; 16 breakout rooms; 50,000 square feet of outdoor function space; a 23,375 square feet casino with 25 gaming tables and 195 slot machines; a 25,000 square foot destination spa and fitness centre; two golf courses; four multi-surfaced tennis courts and 15,000 square feet of retail space.

“The Government is just a bystander in this process,” Mr Christie said. “We support  Hutchison in its endeavours. We have been in discussions with Hutchison over the new legislations we have passed, and in discussions with the Grand Bahama Port Authority.

“We have all agreed to do this and put in place a new paradigm to ensure that we put in place a ‘one-stop shop’ in Grand Bahama to ensure that all of the bureaucracy and  obstacles are removed, and we can streamline the process of doing business in Grand Bahama.”