The Grand Bahama Chamber of Commerce yesterday raised concerns over the newly announced developments at Grand Lucayan.
Concord Wilshire, the US-based developer for the Grand Lucayan, said yesterday that it 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”.
While the Grand Bahama Chamber said it is “encouraged” by MSC’s interest in the island, key details are missing.
“This announcement signals potential investment and renewed activity for Grand Bahama, and we are encouraged by MSC’s continued interest in the island,” it said in a statement.
“However, key details remain limited at this stage, particularly regarding the structure of the transaction, current property ownership, and how this development aligns with the broader Grand Lucayan redevelopment plans previously announced, which were positioned as delivering real, transformative change.
“Given the history surrounding this property and the pace of progress in recent years, it is understandable that the Grand Bahama community is approaching such developments with cautious optimism and a focus on tangible results.
“Clarity is therefore needed on the status of all agreements, including whether this represents a finalized transaction or remains subject to approvals and conditions.
“With a proposed start date of April 12, confirmation is also required as to whether all necessary environmental and regulatory approvals are in place and whether such a timeline is realistic.”
Concord’s update on the project came a month after it promised to do so.
On February 23, in response to an Eyewitness News article that the deal between the government and Concord for the sale of the resort was dead, the developer issued a rare statement, promising to provide specifics within two weeks.
Last May, the government signed a heads of agreement with Concord Wilshire for the sale and redevelopment of the Grand Lucayan. The government later said it was selling the property for $120 million.
The government was saddled with the resort in 2018 when the government, led by Dr. Hubert Minnis, purchased it from Hutchison Whampoa for $65 million against the objections of the then-opposition Progressive Liberal Party, which inherited the matter when it came to office in 2021.
The former administration’s plan was to quickly sell off the resort.
In 2020, the Minnis administration announced that a joint venture company – Royal Caribbean and ITM, Holistica – would redevelop the property and construct a new cruise port.
But after the Progressive Liberal Party won the general election, the sale was canceled. Davis said the deal was not in the best interest of the Bahamian people.
In May 2022, the Davis administration announced a plan to sell the resort to Electra America Hospitality Ltd. (EAHL) for $100 million, with plans for a $300 million redevelopment, but the deal collapsed later that year.
The Grand Lucayan closed in 2016 after Hurricane Matthew. Only the 196-room Lighthouse Pointe reopened.
The Grand Bahama Chamber yesterday also called for a broader economic plan for Grand Bahama.
It also said there needs to be “clear and consistent communication on the broader framework for Grand Bahama’s economic development, particularly with respect to concrete plans for critical infrastructure such as the redevelopment of the Grand Bahama International Airport”.
