The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

DEPUTY Prime Minister Chester Cooper has indicated that proposed master plans presented to the Lucayan Renewal Holdings board so far by hotel bidders for the Grand Lucayan resort look “promising.”

A meeting with bidders started on Sunday and continued yesterday. Mr Cooper and the board of Lucayan Renewal Holdings will decide which of the five investors vying to purchase the hotel property in Lucaya is the best fit.

“I am positive of what we saw so far,” he told reporters yesterday. “We saw some bidders yesterday (Sunday), and we saw one this morning and I can tell you it is promising.

 “There are credible bidders at the table who have a master plan already for the hotel. So, these people are not just talking. They are truly interested in what they see here. They see the product, they see the possibilities, and they have a vision for the future of this property and the future of Grand Bahama.”

 Mr Cooper, who is minister of tourism, investments and aviation, said there is also talk about collaborating with Port Lucaya Marketplace, and some of the other nearby properties.

 “So, I think this has been very positive for the discussions. And I am cautiously optimistic that we will do a deal on this property in the best interest of the Bahamian people.”

 He anticipates that there will be at least 500 jobs during the construction phase.

 “At the end of the process which is going to be 24 months out for the opening of the first phase, we will see more people employed on a permanent basis. I think in the interim having the construction jobs, and getting the momentum going again, is going to be important.”

 When the PLP came to office, Mr Cooper expressed grave concerns over the Grand Lucayan purchase deal negotiated by the Minnis administration.

 He called the proposed sale an “egregiously bad deal” and said it was worse than previously thought.

 Mr Cooper revealed after the FNM government had pumped over $150m into the Grand Lucayan property, the group at the table wanted a loan from the government to develop the property, which they were only interested in developing during the second half of the decade.

 The Minnis administration purchased the hotel for $65m in August 2018. In March 2020, Royal Caribbean and the ITM Group signed a heads of agreement with the government to purchase the hotel and redevelop the Freeport Harbour.

 Last December, it was announced that the deal had been cancelled.

 The Davis-Cooper administration is looking for an investor, not necessarily with deep pockets, but with a sustainable vision for the hotel and the island of Grand Bahama, Mr Cooper said.

 In January, Mr Cooper said the government hopes to sell the hotel property for $150m once it secures a buyer.