by thegallery242.com
NASSAU| In a long-anticipated move, the Davis administration plans to sign a heads of agreement next week for the redevelopment of the Grand Lucayan resort.
The move marks a major milestone in the years-long effort to revitalize the shuttered resort, which has long been seen as a key driver of the island’s tourism sector and broader economic recovery.
Prime Minister Philip Davis, who has repeatedly hinted that a deal was imminent, is expected to formally announce the signing in the coming days. The agreement will outline the framework for the sale and redevelopment of the property, bringing new life to a resort that has remained mostly dormant since Hurricane Matthew in 2016 and was later purchased by the government.
“We are in intense discussions with an intended buyer,” Davis said in September 2024. “The issue for us, of course, is to ensure that we just don’t sell for selling’s sake or to tick a box. We want to make sure that when we sell, we want a world-class brand name to be associated with the reopening.”
Davis expressed optimism that the government would close the arrangement shortly, noting that negotiations had reached an advanced stage. “I’m hopeful and I am encouraged that we will have that, and within the next two weeks or so, we should be… closing an arrangement.”
The pending agreement is the latest development in a saga that began in 2018 when the Minnis administration purchased the Grand Lucayan from Hong Kong conglomerate Hutchison Whampoa for $65 million. While the plan was to quickly offload the resort to a private investor, several attempts to seal a deal failed.
In 2020, the Minnis government announced a sale to Holistica — a joint venture between Royal Caribbean and ITM Group — which included plans for a new cruise port alongside the resort’s redevelopment. But that deal was later scrapped.
After taking office in September 2021, the Davis administration canceled the Holistica agreement, saying it was not in the best interest of the Bahamian people. Since then, the administration has been seeking a new investor capable of transforming the Grand Lucayan into a premier tourist destination.
The signing of the heads of agreement is expected to kick off a new chapter for Grand Bahama, where residents and businesses have long awaited meaningful investment and job creation.
