Grand Lucayan Resort Sale Proceeding

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The Board of Directors of Lucayan Renewal Holdings Limited is pleased to advise that the sale of Grand Lucayan Resort is steadily progressing and on track for completion.

The parties have agreed to a 45-day extension to complete requisite legal documentation. At this time, we anticipate no other material changes and it is still anticipated that renovations will begin during January 2023, as originally announced.

Lucayan Renewal Holdings and Electra America Hospitality Group remain committed to the revitalization of the tourism industry on Grand Bahama Island. Russ Urban, CEO, Electra America Hospitality Group emphatically stated, “We are excited about Grand Bahama Island, and as we move forward with closing the deal, we reassure the people of Grand Bahama of our commitment to developing a world-class resort and collaborating on community development initiatives”.