Nearly a year after the government first announced the sale and redevelopment of the Grand Lucayan resort on Grand Bahama to Concord Wilshire, the US-based developer yesterday announced that it has entered into an agreement with CTL Marine, a subsidiary of MSC Cruises, to advance the project.
In a statement, Concord said that CTL Marine will acquire a parcel of land from Ancient Waters Bahamas Limited, a subsidiary of Concord Wilshire, to develop it into “a premier MSC Beach Club”.
The resort has become a quagmire for successive governments, having first come into the government’s ownership in 2018, when the Minnis administration purchased it from Hutchison Whampoa amid fears that the property would be shut down.
The plan was to quickly sell the resort off to a reasonable buyer, but the saga that followed, involving three separate heads of agreements, has spanned years.
Concord Wilshire’s statement yesterday suggested that the deal with the government for the $120 million purchase of the resort, announced last May, has concluded, referring to itself as the owner of the Grand Lucayan.
“Concord Wilshire Capital, parent company of Ancient Waters Bahamas Limited and owner of the Grand Lucayan Resort, announces that it has entered into a definitive agreement with CTL Maritime, an entity of MSC Group, to acquire from Ancient Waters, site two, as depicted in the Resort Parcel Plan and to develop it into a premier MSC Beach Club,” it said.
“Initial demolition activities are scheduled to commence imminently, subject to the appropriate environmental permits being obtained.”
Concord noted that site three will be developed into a second Ancient Waters Cruise Resort “designed to accommodate additional major cruise line passengers”.
“Demolition and construction activities for site three are expected to commence concurrently with CTL’s development, with both resorts targeted for delivery on a coordinated timeline,” it said.
It noted that it has committed to engaging a local Bahamian company to operate the cruise resort.
On site four, Concord Wilshire plans to develop a mega yacht marina and an integrated casino resort.
While questions over the fate of the Grand Lucayan have been a persistent nuisance for the Davis administration, the government has not yet announced that the original deal with Concord was finalized.
In a statement yesterday, Prime Minister Philip Davis said the resort “was” a national asset — the only suggestion from his side so far that the deal has been concluded.
In that same statement, the government praised the newly announced partnership, noting that the Grand Lucayan is a “cornerstone asset for Grand Bahama’s tourism and economic resurgence”.
“This collaboration brings together enhanced capacity, global reach, and a shared commitment to delivering a modern, competitive resort product that will generate jobs, expand opportunities for Bahamian businesses, and strengthen investor confidence in Grand Bahama,” it said.
“The Davis administration continues to focus on attracting credible investors for Grand Bahama and to advance projects from discussion to delivery. Today’s announcement is a product of such efforts.”
Concord Wilshire and Ancient Waters CEO Richard Bosworth said yesterday that the agreement is a “transformational milestone” for Grand Bahama, which has faced significant economic challenges over the past two decades.
“It will serve as a powerful catalyst for economic growth, job creation, and the long-awaited revitalization of the Grand Lucayan Resort into a world-class destination,” he said.
Concord Wilshire President Nate Sirang said yesterday that the cruise resort and beach club are expected to bring in over a million guests each year.
“Combined with the activation of the mega marina and casino resort, this development will generate substantial economic activity, create meaningful employment opportunities, both for Lucayan Resort and Port Lucaya Marketplace and its retail tenants, and will serve as the cornerstone for the long-anticipated revitalization of the Lucayan property,” Sirang said.
Concord Wilshire noted that it will soon announce the details of additional components of the master plan, including the development of Ancient Waters Beach Hotel & Casino Resort on site one and the redevelopment of the Reef Golf Course into a Greg Norman Championship Course.
