Deputy Prime Minister and Minister of Tourism, Investments and Aviation, the Hon. Chester Cooper addressed the Grand Bahama Business Outlook event this week.
In his presentation Minister Cooper spoke to the sale of the Grand Lucayan saying, “if we just wanted to sell the hotel it would have been done. The closing prices is important but the buyers compacity to complete the redevelopment of the resort into a property that is at a world class standard is paramount. In the main time we remain cautiously optimistic. And I would like to point out that the resort continue to hire more than one hundred Bahamians on a full and part time basis and occupancy and revenues continues to benefit from the increase in overall tourist arrivals to Grand Bahama island. In fact I’ll tell you today that we’re running an occupancy of almost ninety percent.”
Cooper went further on the future sale of the hotel stating, “we will not make any further public announcements until full due diligence is completed and funding is verified and placed in escrow and we have an definitive imminent closing. In other words, let me say this, I ain’ saying’ nothing else until the money is in the bank.”
As to the restoration of the Grand Bahama International Airport Cooper said, “full design works are underway, assessments, there will be a fill team on the ground of March 27th, demolition of the old international terminal storage building will begin before the end of this month or the first week in April. Repairs at the air traffic control towers will begin immediately as well as staging in the repairs of the customs storage building. These works works will begin and be given to Grand Bahama contractors for the benefit of residents of Grand Bahama island.”
