It has been announced that Royal Caribbean Cruise Lines has acquired the Xanadu Beach Resort property in Freeport, Grand Bahama.
In a released statement the Ministry for Grand Bahama announced the government’s approval of the sale. It said, “the government of The Bahamas has approved a number of investment projects to spur economic growth on Grand Bahama island. This project is one of those, that not only solves a legacy issue that has existed with the dilapidated Xanadu Beach Resort, but it will also create a new experience for visitors to our shores.”
Officials at the Grand Bahama Port Authority (GBPA) also shared their thoughts on the closing of the acquisition. GBPA President, Ian Rolle said, “we welcome them coming to Grand Bahama and doing even more than what the press has spoken about. So I think this is a good time, not only for Royal Caribbean, for Bahamians to invest.”
Rolle also spoke to investor confidence and its impact on the future of Grand Bahama. He cited investment projects like Celebration Key, the MSC development and the Xanadu Resort acquisition deal. “Our desire is to connect Bahamians with the opportunities that’s right in front of them, pay attention to what’s going on, do their research, gain knowledge and participate in this growing tourism economy which I think is going to be the most significant growth that we’ve ever had in Freeport within the next five years.”
The 40 acre Xanadu property acquisition is valued at approximately $348 million.
