ELECTRA America Hospitality Group has made a $100M purchase offer for the Grand Lucayan Resort at Grand Bahama.
Acting Prime Minister Chester Cooper, while making the highly anticipated announcement on Wednesday, said Lucayan Renewal Holdings Ltd entered an agreement for the sale of the entire hotel property to Electra America Hospitality Group, which is part of a US conglomerate Electra America, with worldwide assets worth $7B.
The agreement, Mr Cooper said, is subject to a 60-day due diligence period, with closing no later than 120 days.
According to Minister Cooper, Electra has committed to an estimated $300M renovation and construction plan to rebuild the Grand Lucayan into an environmentally sustainable, luxury resort.
Back in March 2019, Royal Caribbean International and the ITM Group signed a letter of intent for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour. An initial investment of $195 million, which includes $65m for the purchase of the hotel, was earmarked for the first phase of the development which was to have taken place over a 24-month period, under the previous Minnis administration.
In December, the Davis administration cancelled the deal, branding it a bad one.
About 80 percent of the 2,000 construction jobs will go to Bahamians. It is reported that 1,000 permanent jobs will be created.
The official announcement was made Wednesday in the hotel’s grand lobby at Manor House. Electra’s Principal and Managing Partner Russell Urban was present and brought remarks. Minister for Grand Bahama Ginger Moxey was also in attendance in addition to the Board of Lucayan Renewal Holdings Ltd.
The development plans include a Luxury Lifestyle Hotel with approximately 200 rooms and two-dozen villas at Lighthouse Pointe, a more than 500-room upscale convention centre, and an all-suite Family Resort with more than 200 condo-hotel style suites.
A refurbished golf course complemented by a new, upscale country club and golf villas also will be featured.
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