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.