The Tribune

By JADE RUSSELL

jrussell@tribunemedia.net

LUCAYAN Renewal Holdings Limited said Friday that negotiations surrounding the sale of the Grand Lucayan in Grand Bahama are progressing towards a successful deal.

Lucayan Renewal Holdings Limited (LRHL) had previously granted a seven-day extension to September 22 to the resort’s prospective purchaser.

The Board of LRHL noted that the seven-day extension did not affect the agreed November closing date.

Initially, it was announced in the first week of August in a joint statement with Electra America Hospitality Group that the due diligence period was extended by 45 days to September 15.

As a result of the 45-day extension, the final date was also extended to November 15, 2022.

In August, Grand Lucayan’s chairman Julian Russell told Tribune Business he was very confident that the resort’s $100m sale to Electra America Hospitality Group would ultimately close with both sides agreeing that more time is needed to complete “due diligence” and all the required legal documents.

“The board of LRHL remains committed to ensuring that a credible plan and shared vision for the resort is realised – a plan that will provide jobs, entrepreneurial opportunities and strengthen Grand Bahama’s economy,” the statement released Friday said.

“We remain on track for a successful purchase and signing of a Heads of Agreement, in the best interests of the people of Grand Bahama.

“There are matters connected to the transaction that are still being negotiated; we look forward to briefing the public as soon as negotiations are concluded,” the statement said.