**FILE** A security guard lowers the Bahamian flag at Fort Charlotte on December 19, 2013 in Nassau, Bahamas. The fort is one of several that remain from the British colonial era. (BRENDAN SMIALOWSKI/AFP/Getty Images)
**FILE** A security guard lowers the Bahamian flag at Fort Charlotte on December 19, 2013 in Nassau, Bahamas. The fort is one of several that remain from the British colonial era. (BRENDAN SMIALOWSKI/AFP/Getty Images)

A Letter of Intent (LOI) signed by Lucayan Renewal Holdings Ltd. with Royal Caribbean Cruises Ltd. and the ITM Group to begin exclusive negotiations for the purchase of the Grand Lucayan Resort at a price of $65 million has been described as a “game-changer” by one of the principals involved in the negotiations.

Attorney Michael Scott, chairman of Lucayan Renewal Holdings Ltd., said it is “a lateral move that involves not only the sale of a hotel, but the investment in a vision for Port Lucaya and Grand Bahama.”

“Essentially we double the traffic generation by adding sealift as well as airlift and day traffic as well as stay traffic,” Scott said.

The LOI was announced March 27, by Sen. Kwasi Thompson, Minister of State for Grand Bahama in the Office of the Prime Minister.

The proposed joint venture project between RCL/ITM includes the redevelopment of the Freeport Harbour as well as “the redevelopment of the Grand Lucayan Resort into a world-class destination, featuring water-based family entertainment, with dining, gaming and entertainment options, and five-star hotel accommodations,” according to a press release.

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

Leave a comment

Your email address will not be published.

Yes, I would like to receive emails from Washington Informer Newspaper. Sign me up!


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, https://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact