The search is on for a potential buyer for three major hotels in Freeport, Grand Bahama that are owned by Hutchison Whampoa - an investment holding company based in Hong Kong.

The hotel assets are Lighthouse Pointe, the Grand Lucayan Beach & Golf Resort and Memories Grand Bahama Beach & Casino Resort.

Prime Minister Perry Christie revealed that Hutchison has hired a company to "superintend the exploration as to who would wish to buy" Hutchison's hotel properties on that island.

"Hutchison has been amenable to people who have offered to purchase, and I think they are in the process of determining whether they can get value for the properties they own," Christie said.

Last week he said, "Active negotiations are ongoing, and are at an advanced stage with prospective hotel casino, airline and tour operator interests for the acquisition and operation of major hotel assets in Lucaya."

While speaking on the sidelines to reporters at the Bahamas Institute of Chartered Accountants' (BICA) Accountants' Week 2016 launch event yesterday, the prime minister reiterated that the process is "ongoing".

He pointed out that the process is also a part of Hutchison's attempt to streamline its investments in Grand Bahama and to determine if there are any buyers that are able to "meet" Hutchison's requirements.

Christie lamented the losses incurred by Hutchison as a result of the hotels' operations.

"It's on record that they have made major investments in hotels and suffered significant losses in hotel operations, but all to keep the economy of Grand Bahama going.

"So, they have determined that it might be of interest to other investors to come in and manage the hotels and there are persons who are applying to purchase," he said.

When asked about the government's involvement, Christie said the government is just a "bystander" in the process and supports Hutchison's endeavors.

In addition, Christie said that discussions were had with Hutchison and the Grand Bahama Port Authority (GBPA) to implement a 'one-stop shop' framework.

"What we have agreed to do is put in a place a new paradigm to ensure that we put in place through joint work a one-stop shop to ensure that all of the bureaucracy and obstacles are removed and that we streamline the process of doing business in Grand Bahama," said Christie.

Xian Smith, Guardian Business Reporter

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