Govt expects over 20 bids for Grand Lucayan

Grand Lucayan

As of Friday, January 25, 2019

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

TOURISM Minister Dionisio D'Aguilar estimated the government will have received over 20 bids for the Grand Lucayan by the time it closes off acceptance of bids next month.

The government expects to close off acceptance of bids for the troubled hotel by February 15, Mr D'Aguilar said.

He was speaking to reporters on the sidelines of the groundbreaking ceremony for Sterling Global Financial's $250m Hurricane Hole development on Paradise Island.

"We expect to close off the acceptance of bids by the 15th of February," Mr D'Aguilar said, "then there will be an evaluation period paring down those who have submitted proposals to a small grouping and then the government will evaluate which one they feel is the best and will select an operator obviously we have goals, but these things take time and we hopefully will have it done in the shortest period of time.

Mr D'Aguilar added: "We have to wait until the 15th when everyone comes in, but I'm sure it will be over 20."

The government spent $65m to buy the resort. It also costs more than $1m each month to run it.

Earlier this month, Michael Scott, chairman of Lucayan Renewal Holdings, said 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.

Well_mudda_take_sic 5 years, 11 months ago

The Minnis-led government supposedly bought the failed hotel from its previous Red Chinese owners for $65 million, and then spent many millions more in a botched effort to fix-up it up to an acceptable standard, with all of the heavily padded construction/renovation contracts going cronies of the political elite. On top of that the Minnis-led government then spent millions of dollars in settling back pay claims, pension benefit claims and severance entitlement claims of hundreds and hundreds of 'supposed' employees who should have been paid by the previous Red Chinese owners.

All told the Minnis-led government has sunk well over $100 million of our VAT dollars into the failed Grand Lucayan. Now we have the constantly yapping little white-haired poodle bragging that there are over 20 potential buyers of the hotel waiting in the winds. This is tantamount to admitting that the Minnis-led government is now prepared to sell the hotel for pennies on the invested dollar to a bidder that was likely identified before the government even bought the hotel. And with Michael Scott involved, it's not too difficult to connect the dots here and realize that a massive fraud has been perpetrated by the Minnis-led government against the Bahamian people under the pretense of trying to help restart the Grand Bahama economy. Just wait until you hear who the lucky buyer is at an exceptional fire sale price. What a joke! LMAO

Damifiknow 5 years, 11 months ago

Buy for 1.00 sell fo 99 cents ,make it up in volume The business strategy!

John 5 years, 10 months ago

With tourism being strong as it currently is, this should be the best time for the government to get the hotel sold. Especially now that they have gotten rid of most of the excess and overpaid staff/managers baggage. If Freeport/Grand Bahama gcan get a kick start that gets that economy rolling, the Bahamas will see an economic boom it has not experienced in 10 years. Patience is a virtue.

TalRussell 5 years, 10 months ago

Yes, or no let's pray that comrade crown minister Marvin is not going be consulting with same Lucayan Hotel's Dionisio James on how best fly soon be acquired Drones be used intelligence gathering missions up in skies over we Colony 700 Out Islands and Islets. Yes, no - can't just make Dionisio James upI