The Bahamas Ministry of Tourism, Investments & Aviation (BMOTIA) has accepted an offer from Electra America Hospitality Group (EAHG) for the sale of the Grand Lucayan in Freeport.
EAHG signed an agreement with Lucayan Renewal Holdings to purchase the beachfront resort, which will include a casino, for $100m.
EAHG CEO and Principal Russell Urban said the company was interested in buying the resort for several reasons. He said the company viewed the purchase as a chance 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," Urban said. "So, we are very very pleased and humbled to be chosen for this amazing opportunity."
EAHG is planning to invest $300m to renovate the Grand Lucayan. Upgrades for the resort include transforming it into a luxury hotel that is also environmentally sustainable. The hotel will be comprised of 200 rooms and 24 villas.
To ensure the resort is environment-friendly, the property will also be updated to include access to solar energy, a recycling program and a garden used to supply farm-to-table dining.
Deputy Prime Minister and Minister of Tourism, Investments & Aviation I. Chester Cooper commented: "The sale of Grand Lucayan is only the beginning of the revival that we are witnessing in Grand Bahama Island. We are committed to pumping a renewed spirit back into this special island, while bringing thousands of jobs to Bahamians."
Minister for Grand Bahama Ginger Moxey also agreed that choosing Electra America Hospitality Group was the right decision for Grand Bahama.
"They recognize the role of corporate citizens, and the need for a holistic approach to enhancing communities where they do business and appreciate the significance of this property to the people and economy of Grand Bahama," she said.
