The Tribune

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

STATE Minister for Grand Bahama Kwasi Thompson has conceded the letter of intent signed by the government last week with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour represents only “the first step” in a long process.

His comments came in response to critics who have raised questions over the deal.

Mr Thompson was speaking to reporters outside the Churchill Building yesterday.

He said the LOI allows for the government to move forward with respect to exclusive negotiations with the ITM/Royal Caribbean Group.

Mr Thompson said while the government does anticipate smooth negotiations for the proposed $195m developmental, it did view the negotiations as “still a ways away”.

He continued: “We understand that. I believe that everybody understands that we are still a ways away. But the possibility and the opportunity, I think, cannot be understated. It provides us with a great opportunity.

“And so, the government is going to do all that it can to negotiate a very good deal. But also, to negotiate it in the shortest possible time. It is important for Grand Bahama. And all of us, I believe all of us, whether you are in the opposition, whether you are with government, whether you have no political affiliation; all of us want Grand Bahama to be better. And so, that’s what we are intending to do.”

Earlier this week, often disgruntled Pineridge MP Fredrick McAlpine reportedly said he was not excited by the deal.

He also took issue with the time for proposed completion for the Heads of Agreement for the purchase of the Grand Lucayan Resort.

At the LOI signing held at the Office of the Prime Minister in Grand Bahama last week, Mr Thompson noted the resort attracted some 62 expressions of interest from local and global firms, and by February 14, 11 offer letters were received and evaluated by the board of Lucayan Renewal Holdings.

He said that on March 22, the board unanimously approved a resolution to recommend to Cabinet the sale of the 217-acre resort to RCI/ITM.

According to Mr Thompson, the joint venture between RCI/ITM will not only combine the redevelopment of the Freeport Harbour as a cruise port of choice but will also transform the Grand Lucayan resort into a theme park, featuring water-based family entertainment, with dining, gaming and entertainment options and five-star hotel accommodations.