Davis govt sells Grand Lucayan Resort for $120M

In a landmark deal for Grand Bahama’s struggling tourism sector, United States-based real estate developer Concord Wilshire has agreed to purchase the Grand Lucayan Resort for $120 million — nearly double what the Minnis administration paid for the beleaguered property just seven years ago.

The government signed a Heads of Agreement with Ancient Waters Bahamas Limited, a wholly owned subsidiary of Concord Wilshire Capital, LLC.

The deal includes the 56-acre beachfront resort and the adjacent 160-acre Reef Golf Course in Freeport.

Ancient Waters Bahamas Limited has committed to a transformative $827 million redevelopment of the Grand Lucayan, aiming to deliver a “world-class, integrated destination” for the island. According to the Government, this redevelopment marks a major shift in both economic outlook and fiscal responsibility, with all future costs associated with the property now transferred to the private sector.

“This transaction reflects the Government’s focus on securing long-term economic growth while transitioning responsibility for operating costs to the private sector,” read a statement issued today by the Davis Administration.

The agreement concludes a troubled chapter in the resort’s history. The Grand Lucayan was purchased in 2018 by the Minnis Administration for $65 million from Hutchison Whampoa. A controversial attempt to offload the resort for $55 million ultimately failed, leaving the Davis Administration saddled with roughly $1.5 million in monthly holding costs — totaling an estimated $63 million over the past three years.

The new development plan will be rolled out in phases, with construction expected to begin within 90 days of receiving regulatory approvals. The ambitious vision for the Grand Lucayan includes:

Three new hotel buildings and branded timeshare units

A 25,000 sq. ft. casino with indoor and poolside gaming

A branded gaming and hotel resort

A cruise destination village for up to 10,000 passengers

A Greg Norman-designed signature golf course

A mega-yacht marina, beach club, and yacht club

Multiple dining venues, entertainment zones, and theme parks

Wellness facilities, retail spaces, and direct links to Port Lucaya Marketplace

The project is expected to generate 1,320 construction jobs and create 1,750 permanent positions once completed. Specific job allocations include 450 for hotel construction, 300 for timeshares, 350 for the cruise resort, and additional roles for the casino, marina, and golf course.