Scott: Grand Lucayan deal in no more than two months

Lucayan Renewal Holdings Chairman Michael Scott, QC said he expects a deal to be formalized with Holistica – a joint venture between Royal Caribbean Group and Mexican company ITM Group – for the sale of the Grand Lucayan resort complex in no more than two months, though he added that there are subsequent plans for the hotel if the Holistica deal does not come to fruition.

“Ultimately, the goal is to sell this hotel to Royal Caribbean through its investment entity… or to some other qualified entity, if that doesn’t work out, although I’m sure that it will, but in the event that it doesn’t, we have a plan B, plan C and so forth,” said Scott.

“Within the next month to two months max, I would expect a deal to formalize and be announced, but that will be done first by the minister of tourism and the prime minister.”

Scott added that no agreements will be entered into with unions until the hotel deal is closed.

Royal Caribbean International (RCI) President Michael Bayley said on Monday that Holistica has every intention of moving forward with the purchase and redevelop the Grand Lucayan resort.

“We believe that this project is essential for the future growth, not only of our company but our relationship with The Bahamas,” he said during a virtual press conference.

“We are continuing with the project. It did get delayed, naturally, but our intention is to move ahead with the Grand Lucayan project. And I believe that further announcements will be coming shortly. We’re very excited about the future of Grand Lucayan and Freeport.

“We see this as a huge tourism attraction 

destination. So, the project continues. We’re very much committed to the project. We’re very excited to make announcements in the not-too-distant future.”

The Minnis administration purchased the Grand Lucayan resort from Hong Kong conglomerate Hutchison Whampoa, in August 2018, for $65 million.

RCI also plans to redevelop Freeport’s cruise port into an attraction in tandem with the development of the hotel.

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