Grand Lucayan deal progressing toward closure

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Grand Lucayan in Freeport Grand Bahama.

STATEMENT| The Board of Lucayan Renewal Holdings Limited (LRHL) advises that negotiations toward a successful deal on the Grand Lucayan Resort continue to progress satisfactorily.

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.

By virtue of this, the final closing date was also extended to November 15, 2022. We note that the recent seven-day extension did not impact the agreed November closing date.

We anticipate that the sales process will be completed consistent with our revised timelines.

The Board of LRHL remains committed to ensuring that a credible plan and shared vision for the resort is realized – a plan that will provide jobs, entrepreneurial opportunities and strengthen Grand Bahama’s economy.

We remain on track for a successful purchase and signing of a Heads of Agreement, in the best interest 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.

Contact:
Julian Russell, Chairman