thebahamasweekly.com - Heads of Agreement signed for Grand Lucayan purchase

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Heads of Agreement signed for Grand Lucayan purchase
Mar 2, 2020 - 3:15:22 PM

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FREEPORT, Grand Bahama, The Bahamas -- The Government of The Bahamas and Bahamas Port Investments Ltd. signed a Heads of Agreement with respect to purchase of the Grand Lucayan today, March 2, 2020. Prime Minister, the Most Hon. Dr. Hubert Minnis (standing, second right) said the multi-million dollar investment "will go a long way in revitalizing Grand Bahama, with myriad economic and employment opportunities for more Grand Bahamians." Seated at left are Royal Caribbean International President and CEO Michel Bayley (left) and CEO of ITM Mauricio Hamui, representing the Developer; and at right, Secretary to the Cabinet Camille Johnson (second right) and Director of Investments Candia Ferguson. Standing from left: Minister Iram Lewis, Minister of State Kwasi Thompson, Deputy Prime Minister Peter Turnquest, Prime Minister Hubert Minnis, and Minister Dionisio D'Aguilar. (BIS Photo/Yontalay Bowe)

Ladies and Gentlemen:

Today’s signing is a wonderful day for the Bahamian people and for the residents of Grand Bahama in particular.

The Grand Lucayan properties have played a vital role in the economic life of Grand Bahama for many years.

Because of this vital role, my Government took the tough, and in some quarters, unpopular decision to temporarily purchase the property.

We did so in order to save jobs.

We did so to ensure the survival of a number of businesses dependent on tourism in general and the Grand Lucayan in particular.

Given the economic situation in Grand Bahama, we could not in good conscience allow the full closure of the property.

As we stated at the time, it was our intention to privatize the property as quickly as possible.

We wanted to ensure that we found the right buyer who shared our vision for the renewal of Grand Bahama.

Our vision was the renewal and rebirth of Grand Bahama’s tourism sector and product as an essential element in the restoration of this island’s potential.

I am pleased that Royal Caribbean Cruise Line and the ITM Group, trading as Bahamas Ports International, share our vision and decided to invest in the long-term future and sustainability of Grand Bahama.

The Developer shared their vision of reinventing the tourism product for land-based guests arriving by air and those arriving by cruise and ferry ships with a distinctive Bahamian flavour and characteristics.

This $250 million dollar investment will go a long way in revitalizing Grand Bahama, with myriad economic and employment opportunities for more Grand Bahamians.
After many false dawns, there is an exciting new horizon for our second most populous island and economic center.

Both the Government and the developer are investing in the future and possibilities of Grand Bahama.

Grand Bahamas is at the beginning of a new day.

This is even more critical in light of a series of hurricanes over the years, especially the recent destruction and in some areas devastation caused by Hurricane Dorian.

Three thousand direct and indirect jobs will be created through this investment.

This investment will create additional employment opportunities for Bahamians in construction jobs as well as in operational positions at both the hotel property and the port Property.

The benefits to Grand Bahama include: capital investment, employment opportunities for Bahamian workers in the tourism and construction industries, increase commerce for local businesses in the Port Lucaya Market Place and beyond; taxi drivers and tour operations; and increased revenue to enable the Government to support infrastructural programs.

There will be training programs for Bahamians through the RCCL Training Academy.

There are many opportunities for small businesses and Bahamian entrepreneurs, including the producers of a wide variety of Bahamian products.

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