The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

The Grand Lucayan resort’s sale has brought renewed confidence and optimism to Grand Bahama’s struggling business community, which had been awaiting Monday’s deal completion for months.

Greg LaRoda, the Grand Bahama Chamber of Commerce president, said: “It is something we were looking forward to on the island for a long time. I feel positive about it. It was not just a Heads of Agreement, but also the agreement for the sale and purchase, and I feel like it is only a matter of time before we really start seeing some shovels in the ground.”

The ITM Group/Royal Caribbean joint venture, known as Holistica, will invest $300m to transform the Grand Lucayan, Freeport Harbour and surrounding area into a destination product that will attract 2.5m extra cruise visitors annually.

However, the resort’s sale is now in a 90-day closing period with construction work set to begin in four to five months. With redevelopment likely to take between 20 to 24 months, the project’s full opening is unlikely to occur before mid-2022.

Nevertheless, tourist arrivals to Grand Bahama are expected to increase six-fold when the passenger increase generated by the completed ITM/Royal Caribbean development is combined with the additional one million passengers expected to be brought to the island by Carnival’s separate cruise port. This will generate 3.5m in new visitors compared to the 600,000 Grand Bahama currently receives.

Mr LaRoda believes the project will be “positive boost” to the Grand Bahama economy, given its focus on a massive water and adventure-based theme park, shopping village, and a 40,000 square foot convention centre. Three new additional berths capable of accommodating the largest cruise ships in the world will be built in the first phase, together with shopping outlets and restaurants.

“It will bring lots of jobs as was mentioned in all different areas, and directly impact the hotel workers, taxi cab drivers, tour operators, and straw vendors,” the GB chamber chief said.

“There will be a lot of trickle-down potential as a result of this project, and I am looking forward to it. I believe it will provide that spark for the economy that we were all looking for, and I’m sure there are lots of good investors out there that have been taking a wait and see approach.

“But now that a project of this magnitude is about to take off, together with what is happening with Carnival in the east, I think a lot of persons will take a real serious look at GB now.”

Numerous Port Lucaya Marketplace vendors were present at the Heads of Agreement signing ceremony. Lauren Wells, the owner of Freeport Jewellers, said: “I like what I heard from the chief executive of Royal Caribbean (Michael Bayley), who gave his commitment to seeing the project through to fruition.”

She added that she had managed to keep her business open despite the challenges faced following the Memories resort’s closure following Hurricane Matthew.

“I feel very positive, but it would be good for us when we see work started over there. We have been in this position before where there have been promises after promises, but the CEO said he would not let this project fall, and he brought us confidence,” Ms Wells added.

Noel Clarke, operator of Agave Latin Restaurant, added: “I am very optimistic about it in terms of tourism, and its impact on other sectors. It would not only be felt in Port Lucaya but island-wide. It will touch every industry. We are indeed looking forward to this project getting off the ground,” he said.

Ivan Moss, director of Port Lucaya Marketplace, said: “They say we will get some 2.5m visitors. That will benefit us greatly, not just at Port Lucaya, but in all GB. The tenants here are happy, and they now have great hope.”