NASSAU — The Grand Lucayan in The Bahamas is one step closer to being officially sold.
According to the Bahamas Ministry of Tourism, Investments & Aviation (BMOTIA), an offer has been accepted for the purchase of the beachfront resort, located in the city of Freeport.
Electra America Hospitality Group (EAHG) has entered into an agreement with Lucayan Renewal Holdings to buy the resort for US$100 million. According to EAHG CEO and Principal Russel Urban, there were many reasons why the company was interested in the resort, one being “the opportunity to reinvent, renaissance, rebirth and revive” the island of Grand Bahama.
“We saw this as a very unique opportunity in a world class location to create energy and to revive a community that has been so ravaged over recent years. So we are very, very pleased and humbled to be chosen for this amazing opportunity,” said Urban.
The deal is part of an initiative called ‘The Return of the Grand Life to Grand Bahama,’ which seeks to restore the destination to its former glory when it was considered a major entertainment hub.
Construction is set to begin this summer and will be completed by 2025.
Nearly $300 million in renovations is planned for the resort, which will transform it into the following:
- An environmentally sustainable and luxury hotel with approximately 200 rooms and 24 villas
- An upscale convention-style hotel with more than 500 rooms that will cater to meetings, groups and incentive travellers
- A family-friendly resort
To become environmentally sustainable, the property will utilize solar energy, establish a recycling program and plant a garden to supply farm-to-table dining.
EAHG also plans on revitalizing the resort’s golf course by adding a country club and villas. A casino, bars and restaurants as well as a variety of pools, spas and fitness facilities are also in the worlds. Bahamian art and entertainment will be infused throughout.