Royal Caribbean to Purchase Grand Lucayan Resort in Bahamas
Royal Caribbean has signed a Letter of Intent with the Government of the Bahamas to purchase the Grand Lucayan Resort on Grand Bahama, according to The Bahamas Weekly. The government purchased the property about a year ago for $65 million and is selling it at that same price.
The purchase will see Royal Caribbean and partner ITM, who have successfully collaborated on projects in the past, invest in upgrades both to the property as well as the surrounding areas. A large part of that investment will go towards revitalizing Freeport Harbor. The eventual goal is to turn the harbor into a choice port of call for cruise ships.
Minister of State for Grand Bahama Senator Kwasi Thompson said, "The $195 million investment earmarked for the first phase of the project over a twenty-four month period will include the purchase price of $65 million and the creation of approximately 2,000 jobs.” This will come as a huge boon for the local economy and will open other opportunities for locals as the destination continues to grow over the coming years.
According to Thompson, in addition to the redevelopment of Freeport Harbor as a cruise port of choice, the venture will also transform the Grand Lucayan resort into a theme park. The park is set to feature water-based recreation activities as well as dining, gaming and five-start hotel accommodations.
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