Government's Lucayan Renewal Holding has signed a letter of intent with the cruise company and ITM Group, Mexico for the sale of the Grand Lucayan Resort.
The joint venture will aim at the redevelopment of the resort into "a world-class destination, featuring water-based family entertainment, with dining, gaming and entertainment options, and five-star hotel accommodations," a statement by the Office of the Prime Minister, Grand Bahama revealed.
The proposal would involve the construction of new berths, potentially doubling the capacity of the cruise port. The project is expected to lead to an additional 2 million passengers per year coming to Grand Bahama.
The first phase of the proposed development represents a projected US$195 million investment over a 24-month period. Nearly 2,000 jobs are due to be created during the first phase.
According to the government, the purchase price for Grand Lucayan was US$65 million, the same sum it had spent to acquire the resort in 2018 through Lucayan Renewal Holdings. The property was severely damaged in Hurricane Matthew back in 2016, leaving around two-thirds of the resort closed.