Royal Caribbean Makes A Play For Freeport's Grand Lucaya Resort.
|Royal Caribbean in Negotiations to Purchase the Grand Lucaya Resort in Freeport in the Bahamas|
Here is a news story that I had missed. It appears that Royal Caribbean is expanding its presence in the Bahamas and has made an offer to purchase the Grand Lucaya Resort in Freeport. It appear that the negotiations began before Hurricane Dorian hit Freeport hard and the resort remains closed today due to storm damage. As of this time, It is uncertain where negotiation sit today.
Royal Caribbean hinted that they intended to covert the resort into an experience very close to the "Perfect Day at Coco Cay". It is unclear if the amenities of the renovated resort will be available to hotel guests only - or be offered to cruise passengers and sold as part of a shore excursion.
Here are some additional details on the negotiations from March 27, 2019.
Lucayan Renewal Holdings Ltd. today signed a Letter of Intent with Royal Caribbean Cruises Ltd. (RCL) and the ITM Group to begin exclusive negotiations for the purchase of the Grand Lucayan Resort at a price of $65 million, and the redevelopment of the Freeport Harbour.
The proposed joint-venture project between RCL/ITM will include the redevelopment of the Grand Lucayan Resort into a world class destination, featuring water-based family entertainment, with dining, gaming and entertainment options, and five-star hotel accommodations.
The redevelopment of the Freeport Harbour is anticipated to result in a significant increase in cruise ship arrivals, bringing approximately an additional 2 million passengers annually to Grand Bahama.
Phase one of the proposed development represents a projected $195 million investment over a 24-month period. Approximately 2,000 jobs are expected to be created in the first phase of the project.
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