The Tribune

By LEANDRA ROLLE

Tribune Staff Reporter

lrolle@tribunemedia.net

DEPUTY Prime Minister Chester Cooper anticipates that the government will choose a buyer for the Grand Lucayan resort by the end of this month, after which a contract for the purchase of the hotel will soon be executed.

According to Mr Cooper, three “substantial” offers have been made to the government by potential investors vying to purchase the hotel property, all of which he said are “acceptable” deals.

However, the tourism, investments and aviation minister said the government wants to do its due diligence before making any decision so as not to make the same mistakes made under the previous administration.

 “We are at a stage in the discussions with the Grand Lucayan resort where we have three substantial offers,” Mr Cooper told reporters before heading to Cabinet yesterday. “Either of these offers would be in my view acceptable to the government and acceptable to the Bahamian people. We are at the moment engaged with all three of them. We’re seeking the best outcome for the Bahamian people. I’ve always said that it will be a combination of the size of the cheque and vision for the resort and a shared vision for Grand Bahama.

 “So, we’re seeking to find the right partner. We want to get this right and we’re being very deliberate. We’re learning from the mistakes of the previous administration with the last deal that was on the table so we’re going to be very deliberate to get a deal that is good for the economy of Grand Bahama and the people of Grand Bahama.

 “I anticipate that by the end of April we would have determined the sole candidate that we will advance into an exclusive contract with, but again, I want to reiterate that we are going to learn from the mistakes of the past.”

 The Minnis administration purchased the hotel for $65m in August 2018.

 Nearly two years later, Royal Caribbean Cruise Line/ITM Group signed a heads of agreement with the government for a joint venture purchase and redevelopment of the hotel.

 That agreement, however, was cancelled by the Davis administration last December after officials described the deal as a bad one.

 In January, Mr Cooper said the government hopes to sell the resort for about $150m, the amount that has already been invested in the project.

 However, yesterday, the minister did not want to provide additional details about the three offers being looked at.

 He only said: “Let me say that we are about $200m invested in this property and we are going to do our best to ensure that we get the best possible outcome for the Bahamian people. You would recall that the last deal was in the region of $65m and all I can say is we’re going to do the best possible job for the Bahamian people.

 “We have three people we’re talking with and this is a negotiation and I know the Bahamian people would appreciate that there is only so much I can say on this issue at this time so I want the people of Grand Bahama to be cautiously optimistic.”

 Speaking on potential job opportunities once the resort’s sale has been finalised, Mr Cooper said he expects that between 500 to 1,000 construction jobs will become available on the island.

 “We are anticipating that the construction phase will likely take 18 months,” he said. “We are desirous of a phased approach so that we don’t lose the rooms that we have at the Lighthouse Pointe and we’re able to retain the employment of the persons at the Lighthouse Pointe while the other stages of the resort is being developed.

 “So, there are a lot of moving parts. We are still cautiously optimistic about the outcome but I can tell you we have bidders and I believe any of those three would be acceptable to the people of the Bahamas, the people of Grand Bahama and the government of The Bahamas.”