The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribune media.net

Around 50 percent of potential Grand Lucayan buyers have gained access to the "data room" holding details on the property, the Minister of Tourism revealed yesterday.

Dionisio D'Aguilar said he remains "hopeful" a buyer will found for the island's last "mega resort" property, while admitting that "Freeport continues to be very vexing for us".

Mr D'Aguilar, while addressing a Bahamas Institute of Chartered Accountants (BICA) seminar, said: "I think we got 22 people who expressed an interest. I think we got maybe ten or 11 that filled out the non-disclosure form and have gotten access to the data room.

"There seems to be a lot of interest. I know Grand Bahamians are tried of hearing that, so when the fat lady sings and the money is in the bank I will say it's done. Until then I remain hopeful. My gut is telling me there is interest."

The Grand Lucayan resort features three properties: Memories, the 500-room Breaker's Cay and Lighthouse Pointe. The hotel closed in October 2016 for repairs after it suffered damage from Hurricane Matthew. Lucayan Renewal Holdings, the Government-owned special purpose vehicle (SPV), now owns the Freeport resort as the government seeks a buyer.

Mr D'Aguilar said increased airlift to the island is largely dependent on the Grand Lucayan's revival. "Grand Bahama suffers from a lack of scale. I asked my team what is the total amount of rooms we are trying to fill and, when you look at it, it's 775 rooms there," he revealed.

"That's why Sunwing could only bring in 6,436 passengers. Their initial plan was to bring 40,000 passengers over the summer. The key is that the airlift has to be in conjunction with the Grand Lucayan being open, which is about 1,800 rooms.

"Freeport continues to be very vexing for us. It's a vexing issue. You need someone to come into the Grand Lucayan, to put in a substantial investment, to redevelop that site and create a destination to go to. That's what we are trying to do; find someone who will provide that."