The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Bahamian realtor yesterday hailed the involvement of a local broker in facilitating the Grand Lucayan’s sale as “exactly what we want”.

Mario Carey, the Better Homes and Gardens Real Estate MCR Group’s principal, told Tribune Business that confirmation of Sterling Bahamas Realty’s partnership with Toronto-headquartered Colliers International in seeking out potential buyers for the Government-owned resort had eased industry concerns that local realtors were being sidelined.

“If they’re collaborating, that’s exactly what we want. That’s perfect, once they’re [Colliers] affiliated with a local carrier,” he said. “If Colliers is partnered with Sterling Bahamas Realty, and Sterling Bahamas is the lead broker, that’s what we’re after. It’s good for everybody, and they’re on the right track in establishing that relationship. They’re not working solo.”

Mr Carey spoke after both Colliers and Lucayan Renewal Holdings, the latter the special purpose vehicle (SPV) that holds the resort for the Government, confirmed that the Canadian-based firm had partnered with a Bahamian counterpart to drive the Grand Lucayan sales process.

Gerhard Beukes, Colliers’ Nassau-based managing director for the Caribbean, confirmed that the Grand Lucayan’s sale was being “run out of our Canada team with Sterling Bahamas Realty locally”.

And the Lucayan Renewal Holdings board justified Colliers’ selection on the basis of its familiarity with the Grand Bahama-based resort, given that it had overseen the sales process that chose the subsequently-aborted ITM/Royal Caribbean deal, and its worldwide reach in being able to interest potential bidders.

“The sale is listed with Colliers Enterprises to facilitate a sale of this magnitude, and to ensure the widest global net is cast to attract prospective qualified buyers,” the Board said in a statement.

“Colliers International, based in Canada, is a diversified professional services and investment management company with approximately 15,000 employees in more than 400 offices in 68 countries. The organisation serves the hotel, industrial, mixed office, retail, and residential property sectors.

“Colliers, which has partnered with Sterling Bahamas Realty, had been engaged by the previous Board, established the process and is already intimately familiar with the details of the sale. Therefore, it was decided to retain Colliers to expedite a new sale and bring resolution to this urgent issue so that taxpayers would not be further burdened by a delayed process.”

Lucayan Renewal Holdings said it “expects that there will be Bahamian and international interest in participating in the call for offers for the purchase of the Grand Lucayan resort.

“Bahamian and international buyers are encouraged to field offers over the 30-day open period,” it added. “Local brokers and agents are encouraged to bring their clients to the table to participate in the sales process and, ultimately, share in any commission from a successful sale as has been customary in the past.”

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, last week revealed that 5pm on Wednesday, March 2, is the deadline by which all bids to acquire the Grand Lucayan must be received.

Concerns were voiced, though, that the Government had seemingly “sidelined” Bahamian realtors on the Grand Lucayan sale in the absence of any confirmation that Colliers had partnered with a local broker as required by the Real Estate (Broker and Salesmen) Act 1995.

Christine Wallace-Whitfield, the Bahamas Real Estate Association’s (BREA) president, said then that the Davis administration needed to provide full transparency and disclose whether Colliers International is working alone or if it has partnered with a local realtor to facilitate the latest attempt to sell the Government-owned resort.

Mrs Wallace-Whitfield and BREA previously raised similar concerns when the Minnis administration hired Colliers back in 2018 for exactly the same purposes. But Michael Scott QC, the then-Grand Lucayan’s chairman, rejected those complaints by asserting that Colliers was working with the same Bahamian realtor now being used, Sterling Bahamas Realty.