Deal to Purchase Bahamas’ Grand Lucayan Resort Won’t Go Forward
The deal by a joint venture between Royal Caribbean and ITM Group to purchase Grand Bahama’s Grand Lucayan resort won’t go forward.
In a statement, Bahamas Port Investments, Royal Caribbean’s join venture with ITM, announced that it had mutually agreed with the resort’s owner, Lucayan Renewal Holdings, to terminate the contract to purchase the property.
That decision came after ITM Group made the decision not to proceed with the acquisition, according to Royal’s statement.
BPI said it would continue with its previously-announced plans for a cruise port redevelopment in Grand Bahama.
Royal Caribbean says it is already looking for a new partner with “experience as an established operator in the land-based hospitality industry.”
“We look forward to participating in the new public bid process for the purchase of the Grand Lucayan once a bid is issued by the Government of The Bahamas,” Royal Caribbean said in a statement. “The transformation of the Grand Lucayan into a premier entertainment resort will complement our plans for the development of a world-class cruise port facility in Freeport to re-establish Grand Bahama as one of the world’s most popular cruise destinations.”
The deal had first been announced in March 2020.
Royal Caribbean is already investing in a $450 million in a transformation of the Grand Bahama Shipyard, in which the cruise giant holds a 40 percent stake.