Bahamas News
BAHAMAS: LOI Signed for Purchase of the Grand Lucayan Resort
#Freeport, GB, March 29, 2019 – Bahamas – “We have done what we said we would do – in the face of much criticism the Government of The Bahamas purchased the Grand Lucayan Resort for $65 million dollars and we said that we would hold it for the shortest period of time and sell it for $65 million dollars – and we have done exactly that.”
Those were the sentiments of Minister of Tourism, the Hon. Dionisio D’Aguilar, during an official press conference on Wednesday, March 27, 2019 in the Office of the Prime Minister, as a part of the signing of a Letter of Intent (LOI) for the purchase of the Grand Lucayan resort.
On hand for the signing of the LOI and the major announcement were Tourism Minister D’Aguilar; Minister of State for Grand Bahama, Senator Kwasi Thompson; Chairman of Lucayan Renewal Holdings Limited, Michael Scott; President of the Senate, Katherine Forbes-Smith; Vice-President of Government Relations/Americas for Royal Caribbean Cruise Lines, Russell Benford; and Chief Executive Officer of ITM, Mauricio Hamui.
The LOI was signed between Lucayan Renewal Holdings and ITM/Royal Caribbean joint venture. The deal is expected to transform the Grand Lucayan resort and its surrounding areas, as well as develop the harbor in Freeport into a destination product using water-based adventure theme parks. Both ITM and Royal Caribbean have worked on successful projects in the past.
“I am pleased to announce to the people of Grand Bahama and to the entire Bahamas that the much-anticipated sale of the 217-acre Grand Lucayan resort has finally been agreed upon,” added Minister D’Aguilar.
“The development that will roll out in Grand Bahama over the next 24-36 months will go far in restoring the island’s economy to its former glory days.”
Minister of State for Grand Bahama, Senator Kwasi Thompson noted that the signing of the LOI confirms the government’s agreement to enter into exclusive negotiations with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and the redevelopment of Freeport Harbor into a cruise port of choice.
“The $195 million investment earmarked for the first phase of the project over a twenty-four month period will include the purchase price of $65 million and the creation of approximately 2,000 jobs,” said Minister Thompson.
“Discussions leading to a Heads of Agreement, subject to the approval of the National Economic Council, will begin immediately on matters related to Bahamian employment requirements and Bahamian participation in specific areas.
“However, it is anticipated that Bahamians will have significant ownership participation in restaurants, retail stores, transportation and water sports.”
Minister Thompson noted that the joint venture project between RCI/ITM will not only combine the redevelopment of Freeport Harbor as a cruise port of choice, but will also transform the Grand Lucayan resort into a theme park, featuring water-based family entertainment, with dining, gaming and entertainment options and five-star hotel accommodations.
He noted that significant demand for both airlift and sealift to the destination is being created, including the unleashing of much-needed economic opportunities.
“The redevelopment of Freeport Harbor is anticipated to include significant increase in cruise ship arrivals, bringing an additional approximately two million passengers annually, with the addition of multiple cruise lines calling on Grand Bahama,” added Minister Thompson.
Since placing the Grand Lucayan on the market, there were over 62 expressions of interest from local and global firms. By February 14 of this year, eleven letters of offer were received and evaluated by the Board of the Lucayan Renewal Holdings Ltd.
According to Minister Thompson, on Friday, March 22, the Board, in carrying out its predetermined exit strategy, unanimously approved a resolution to recommend to the Prime Minister and the Cabinet, the sale of the Grand Lucayan to RCL/ITM.
The Minister noted that when considering all of the bids for the resort, one of the major components that went into their final decision was finding the company or entity that would create a unique destination for Grand Bahama. “For us, it was more than just about trying to sell the hotel,” added Minister Thompson. “We knew we needed to do more, and creating a unique destination was at the forefront. The joint venture with Royal Caribbean and ITM fit that bill.”
Russell Benford, vice-president of Government Relations/Americas for Royal Caribbean said that coming to The Bahamas seemed like a perfect fit, considering the fact that the company was created with the Caribbean as its major destination. “This is an incredible project and I want to thank the Bahamian Government for giving us this opportunity in Grand Bahama,” said Benford. “We are honored to have been chosen from some really great people and companies around the world for this project.
“We understand what Grand Lucayan means to the Government of The Bahamas and to the people of Grand Bahama and so you have our commitment that we will do this project right and we will do right by the government and the people of The Bahamas.
“We build spectacular world class products and we will bring that same excellence and dedication here to this project in Grand Bahama.”
By Andrew Coakley
Release: BIS
Photo Captions:
Header: Minister of Tourism, the Hon. Dionisio D’Aguilar (seated third left), along with Minister of State for Grand Bahama, Senator Kwasi Thompson (seated second left), was joined by Michael Scott (seated centre), chairman of Lucayan Renewal Holdings Ltd.; Russell Benford (seated, third right), vice-president of Government Relations/Americas for Royal Caribbean; Mauricio Hamui (seated second right), chief executive officer of ITM, along with Board Members of Lucayan Renewal Holdings (standing) for LOI signing for the purchase of the Grand Lucayan resort, in the Office of the Prime Minister on Wednesday, March 27, 2019.
1st Insert: Minister of State for Grand Bahama, Senator the Hon. Kwasi Thompson, speaking during a press conference and official signing of Letter of Intent for the Purchase of the Grand Lucayan on Wednesday, March 27, 2019. Looking on is President of the Senate, the Hon. Katherine Forbes-Smith.
2nd Insert: Mr. Russell Benford (centre), vice-president of Government Relations/Americas for Royal Caribbean, says the company is excited about the project in Grand Bahama and promised to bring excellence and dedication to the restoration and redevelopment of the Grand Lucayan resort, as well as redevelopment of the Cruise Port in Freeport. At right is Mr. Mauricio Hamui, chief executive officer, ITM, and at left is Mr. Michael Scott, chairman of Lucayan Renewal Holdings Limited.
BIS Photos/Lisa Davis
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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