Royal Caribbean Has Purchased Grand Lucayan Resort in Bahamas
Royal Caribbean Cruises and ITM Group have signed a letter of intent to purchase the Grand Lucayan Resort in the Bahamas. The deal is expected to transform the Grand Bahama resort and redevelop the Freeport Harbor into a cruise port of choice. The 217-acre resort will sell for $65 million, the same price the Government of The Bahamas paid for it last year.
“The development that will roll out in Grand Bahama over the next 24-36 months will go far in restoring the island’s economy to its former glory days,” the country’s Minister of Tourism, the Hon. Dionisio D’Aguilar.
Grand Lucayan Resort sustained significant damage from Hurricane Matthew back in 2016. The joint venture project between Royal Caribbean and ITM plans to transform it into a theme park. Highlights would include five-star hotel accommodations and water-based family entertainment as well as dining, gaming and entertainment options.
The proposal also calls for the redevelopment of Freeport Harbor into a premier cruise destination. It will include a significant increase in cruise ship arrivals, bringing an additional approximately two million passengers annually.
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