NASSAU, BAHAMAS — The federal government today announced that it has accepted the Electra America Hospitality Group’s offer to buy the Grand Lucayan Resort for $100 million.
The group is an element of the Electra America conglomerate which has some $7 billion in assets worldwide. The corporate has committed to an estimated $300 million in renovations and construction plans. The agreement is subject to a 60-day due diligence period, with closing no later than 120 days.
Acting Prime Minister Chester Cooper said that Electra had met all of the standards set out by the federal government, stating that the deal for the resort marked the start of the “renaissance and rebirth” of Grand Bahama.
Electra has committed to a luxury lifestyle hotel with roughly 200 rooms and two dozen villas, together with an upscale convention hotel with greater than 500 rooms. The corporate can even open an all-suite family resort with greater than 200 condo-hotel-style suites.
Russ Urban, Principal and Managing Partner for Electra America Hospitality Group said: “We intend to employ roughly 2,000 construction related people after which permanently ongoing after that about 1,000 people on the resort. That will probably be the biggest single point of economic impact. The multiplier effect beyond that will probably be huge.”
During a press conference on the agreement, Urban said that Electra can even promote entrepreneurship throughout the property with Bahamians being engaged within the areas of art and entertainment.
Urban said that the corporate is speaking with several international brands and expects to have no less than three very well-known brands on the property, although there could possibly be more.
He also confirmed that there will probably be a casino operator chosen amongst certainly one of the brands chosen for the hotel.
Based on Urban, the corporate expects to undertake considerable planning for the property this yr with actual renovation to start in 2023.
Cooper noted that the redevelopment of the Grand Bahama International Airport is anticipated to be accomplished in keeping with the completion of the redevelopment of the Grand Lucayan.
The Government of The Bahamas is in search of experienced and qualified private sector partners for the redevelopment of the Grand Bahama International Airport. The request for proposal (RFP) process closes May fifteenth and in keeping with Cooper there was a big level of interest.
Minister for Grand Bahama Ginger Moxey said the sale and redevelopment of the Grand Lucayan resort is of great significance to the people of Grand Bahama, noting that the resort has served because the anchor tourist product on the island.