The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Government yesterday teamed with the Grand Lucayan’s purchaser to vigorously assert the deal remains “on track” through plans to develop “two major cruise line resorts” and unveil a demolition and construction start date “within the next two weeks”.

Concord Wilshire, the Miami-headquartered developer, moved swiftly to “categorically refute” speculation in other media that its $120m acquisition of Grand Bahama’s ‘anchor property’ had collapsed and been “dead for four months” by finally providing some kind of timeline for when actual on-site construction and demolition will start.

The buyer’s start-time coincides with the Government’s plan to complete the termination of the Grand Lucayan’s 279 existing staff, and pay them due severance, accrued benefits and industrial agreement entitlements, by this Friday, February 27. And Concord Wilshire’e statement yesterday confirms previous Tribune Business disclosures that the plans for the property feature two water-based adventure park amenities involving Disney Cruise Line and Mediterranean Shipping Company’s (MSC) cruise unit.

“We want to be very clear: The redevelopment of the Grand Lucayan resort is moving forward,” said Richard Bosworth, chief executive of Lucayan Resort, Concord Wilshire Group, said in a statement. “Reports suggesting otherwise are inaccurate and misleading. Concord Wilshire remains fully committed to this project and to our partnership with the Government of The Bahamas.”

The developer, in its statement, pledged that “within the next two weeks” it will officially announce the beginning of development and construction work at the resort, including the “start date for site demolition and preparatory works”. And it confirmed the project will include “two major cruise line destination resorts”.

Tribune Business reported last week that Concord Wilshire and its partners were in the final stages of negotiating the reconfiguration of the Grand Lucayan so that everybody’s plans and needs are accommodated. This newspaper identified two of these partners as Disney Cruise Lines and MSC - something that the developer’s announcement on “cruise line destinations resorts” effectively confirmed.

Meanwhile, the developer’s statement was backed by the Prime Minister’s Office, which said the Government is working “with Concord Wilshire towards the redevelopment of the property”. And Thomas Dean, the Dupuch & Turnquest attorney who is acting as Concord Wilshire’s Bahamian legal representative, last night provided further confirmation that the deal remains very much alive while voicing confidence that nothing will go “awry” and prevent its closing.

“The deal is on track,” he asserted to Tribune Business. “I have full confidence in the Government and my client, and I don’t see anything going awry. It’s probably the first time that Grand Bahama has had sustainable development because it’s not had it before to my knowledge. We’ve not had a boom [in Freeport] since 2005-2007. This is going to be it. Most people think these deals happen overnight. They do not.”

This newspaper contacted Mr Dean after it saw an e-mail he had sent to multiple contacts asserting that Concord Wilshire’s project is moving forward and blaming assertions to the contrary on the political mischief relating to the upcoming general election.

“Let me be absolutely clear: The redevelopment of the Grand Lucayan remains active. Our dialogue with the Government continues. Our commitment to this project remains firm. The suggestion that the deal is ‘dead’ is false,” Mr Dean wrote.

“As many of you know, The Bahamas is currently in an election cycle. In such environments, misinformation can surface for political purposes. Unfortunately, major development projects often become convenient subjects for speculation or narrative shaping.

We will not allow inaccurate reporting to define the facts. Should any additional misleading reports arise, we will continue to respond promptly and directly with verified information. We appreciate your continued confidence and support. We remain focused, disciplined and fully committed to delivering a transformative redevelopment of the Grand Lucayan Resort.”

But many Grand Bahama businesses and residents, weary of promised investments and development projects that have repeatedly failed to materialise or deliver, signalled to Tribune Business yesterday that they will only believe the Concord Wilshire project is real when they see actual development activity at the hotel. As one source, speaking on condition of anonymity, put it: “It’ll be game changing if it’s real.”

Dillon Knowles, the Grand Bahama Chamber of Commerce president, told Tribune Business it was difficult to make a judgment on, and understand, Concord Wilshire’s plans and the progress of negotiations without more information.

Suggesting he will likely reach out to the developer again, he said it was unclear what is meant by “cruise line destination resorts” and added that this appears “totally different” from what was unveiled at May 2025’s Heads of Agreement signing where Concord Wilshire spoke of developing a water-based park itself that would be accessible to both hotel guests plus Bahamians and local residents.

And, echoing the scepticism harboured by many in Grand Bahama, Mr Knowles added: “In Grand Bahama, we’re from Missouri state: The ‘show me’ state. We’ve seen many projects come and go, so what we actually do is we like ribbon cuttings. We don’t like ground breakings.”

However, Concord Wilshire’s Mr Bosworth yesterday said: “Our team has continued to advance planning, design co-ordination, capital structuring and development scheduling. We are entering the execution phase and look forward to making a comprehensive announcement shortly that will outline the construction timeline and project milestones.”

The Miami-headquartered developer added that it “continues to work collaboratively and constructively with the Government of The Bahamas towards the redevelopment of the Grand Lucayan property. Discussions remain active, productive and aligned with the shared objective of revitalising this critical asset for the benefit of Grand Bahama and the broader Bahamian economy”.

Tribune Business understands that recent talks have focused on finalising the redeveloped Grand Lucayan’s layout, and the land leases and transactions that are necessary to accommodate Disney and MSC. Concord Wilshire has always signalled that it will function as a master developer, entering into contracts with different operating partners to manage and run separate parts of its project.

A Hilton-branded hotel will act as the revived Grand Lucayan’s anchor, while Tribune Business has previously reported that renowned Australian golfer, Greg Norman’s, company was being tapped to manage the upgraded golf courses. Other brand and operating partners will be hired to oversee assets such as the different hotels, the casino and marina.

Pinning down these components likely requires significant time and legal resources from both Concord Wilshire and the Government, which may have been a factor behind the drawn-out wait to close the Grand Lucayan’s sale that has frustrated resort staff as well as many residents and businesses on Grand Bahama.

Tribune Business previously reported that the conveyances, transferring title and ownership of the Grand Lucayan from the Government’s special purpose vehicle (SPV), Lucayan Renewal Holdings, to Concord Wilshire’s own Bahamian-domiciled entity, were completed prior to the much-touted Heads of Agreement signing in May 2025.

It is also thought that the resort’s acquisition has been structured as a so-called “take-down purchase”, meaning the $120m sales price will be paid in installments by Concord Wilshire. As the developer demolishes each new part of the existing Grand Lucayan, a new portion of the purchase price will be paid to the Government. The $120m has not been paid yet, while the transition and hand-over to the developer has been a protracted affair.

This newspaper understands that there has been some reluctance by the Government to grant all the tax breaks and other investment incentives that the buyer is seeking for its $827m investment. Concord Wilshire is thought to have been arguing that it needs significant concessions given that it is trying to revive a stopover tourism market that sources say is “100 percent dead”, but the Government’s concern is understood to be that it would have to give the same tax breaks to other major investors such as Atlantis and Baha Mar, which have “most favoured nation” clauses in their own Heads of Agreement that state they are to be treated no less favourably than other resort investors.