Despite the failure of the hotel acquisition, the investor remains committed

By YOURI KEMP

La Tribune Business Journalist

[email protected]

Royal Caribbean Cruise Line (RCCL) remains committed to Grand Bahama through its 40% stake in the Grand Bahama Shipyard, although it has had to pull out of the acquisition of Grand Lucayan Resort.

RCCL in a statement yesterday in response to their launch of the deal to purchase the Grand Lucayan Hotel, said: “Bahamas Port Investments Limited (BPI), Royal Caribbean Group’s joint venture with ITM Group and Lucayan Renewal Holdings Limited / Lucayan Beach Casino Holdings Limited, owners of the Grand Lucayan Resort in Grand Bahama, have mutually agreed to terminate BPI’s contract for the purchase of the Grand Lucayan after ITM Group made the decision not to proceed with the acquisition. . BPI will continue its plans to redevelop a cruise port in Grand Bahama.

“Royal Caribbean remains committed to working with the Government of the Bahamas and the people of Grand Bahama to support the government’s vision for tourism product and offer transformation in Grand Bahama.”

The statement continues: “After learning of ITM’s withdrawal, RCCL immediately began to seek a new partner with experience as an established operator in the land-based hospitality industry.

“We look forward to participating in the new public tendering process for the purchase of the Grand Lucayan once an offer is issued by the Government of the Bahamas. The transformation of the Grand Lucayan into a premier entertainment complex will complement our plans for the development of a world-class cruise port at Freeport to re-establish Grand Bahama as one of the most popular cruise destinations in the world.

“We look forward to providing regular updates on Grand Bahama, where Royal Caribbean is also investing in the $ 450 million transformation of the Grand Bahama Shipyard, in which Royal Caribbean has a 40% stake. The transformation will position the facility as the best of its kind in the world. ”

RCCL also said, “In addition to investing capital in the revitalization of Grand Bahama, Royal Caribbean is committed to leveraging its millions of customers, its international marketing and its extensive distribution network of travel partners to ensure the success of the destination.

“RCCL has a strong relationship of over 50 years with the Bahamas and re-igniting economic growth and development, including entrepreneurial opportunities in Grand Bahama, remains a key priority.


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