The Tribune

By KHRISNA RUSSELL

Tribune Chief Reporter

krussell@tribunemedia.net

THE offer process for the sale of the Grand Lucayan resort in Grand Bahama has started in earnest and seven serious inquiries of the property have been made, Tourism, Investments and Aviation Minister Chester Cooper said yesterday.

He told the House of Assembly yesterday that the offer process will close on March 2 at 5pm. Interested companies will be required to provide proof of funding among other things.

Once this happens, the minister said offers will be subject to rigorous due diligence and vetting by Colliers International and the board of Lucayan Renewal Holdings.

Colliers is a world-renowned real estate company with a vast professional network and is accustomed to handling large scale high-end tourism transactions.

It is the same company that managed the sale process under the former Minnis administration that ultimately resulted in Royal Caribbean/ITM being selected to acquire the property.

That deal was scrapped in December by the Davis administration.

“One of our most urgent areas of interest for investment growth is Grand Bahama and you would note the Prime Minister on an official visit there this week when he spoke to the need to get the economy going,” Mr Cooper said.

“One of the key components is the Grand Lucayan resort. It’s already public knowledge that the last sale agreement for the resort was not good for the administration and the agreements were mutually terminated.

“Therefore, to expedite now the sale of the resort with the best possible terms the board of Lucayan Renewal Holdings Limited, the special purpose vehicle agreed to facilitate the sale of the resort has engaged the services of Colliers International, a world-renowned real estate company with a vast professional network and is accustomed to handling large scale high end touristic transactions.

“Much of the Bahamian people’s hard earned tax dollars have been invested in this resort and we will not tarry in causing there to be as swift as possible a transaction on the best terms possible to move this investment along.

“We advised the former administration against the purchase of this resort. But in governance you play with the hand you’re dealt. Not the one you wish you had.”

He continued: “Therefore companies interested in purchasing the resort will at a minimum be required to provide proof of funding and a vision and a plan to revolutionise and help us open again the economy of Grand Bahama with a shared vision for the growth and development of this island.

“The offer process has begun in earnest. We will close at 5pm on Wednesday, March 2.

“Offers will be subject to rigorous due diligence and be vetted by Colliers and the board of Lucayan Renewal Holdings Ltd and we are seeking partners to invest heavily in the property.

“I’ve said before we’ve seen about seven serious inquiries about the property and we are cautiously optimistic that this process will help us to advance this part as swiftly as possible.

“As is the philosophy of our government we are encouraging the participation of Bahamian investors and bidders in this process and we ask them to participate and engage actively in the process.”

East Grand Bahama MP Kwasi Thompson said it was unfortunate the process of selling the property was starting from scratch. However, he wished the government all the best in selecting a purchaser.