August 28, 2018
The Grand Lucayan resort.
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The Grand Lucayan resort will re-open on Tuesday, its chairman revealed yesterday, in a move that will return 200 staff to work and seek to narrow the government’s ongoing subsidy.
The government has extended the Letter of Intent (LOI) for the Grand Lucayan’s purchase by 30 days as ITM and Royal Caribbean seek to “tie down” their airlift and sealift plans. Well-placed Tribune Business sources confirmed last week that the LOI,
NEGOTIATIONS are on track and the government is continuing its due diligence for the sale of the Grand Lucayan resort, according to State Minister for Grand Bahama Senator Kwasi Thompson, who said last week that his government is “anxiously” awaiting a completion of the process.
GRAND Lucayan managers have agreed to voluntarily separate from the resort with a total payout of $4.4m, Tourism and Aviation Minister Dionisio D’Aguilar announced yesterday, signalling the end of an at times contentious battle between stakeholders.
WHILE a letter of intent has been signed for proposed new owners to take over the Grand Lucayan, there is a long process ahead.
THE government signed a letter of intent yesterday with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour, signaling an impending turnaround for Grand Bahama’s beleaguered economy.
THE government signed a letter of intent Wednesday with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour, signaling an impending turnaround for Grand Bahama’s beleaguered economy.
The Grand Lucayan’s managerial union is seeking a ministerial meeting early this week after submitting a “reasonable” offer to resolve the long-running payout impasse.
THE government has narrowed its list of potential purchasers for the Grand Lucayan down to “three or four” out of 60 interested bidders, according to Tourism Minister Dionisio D’Aguilar.
The best bids for the Grand Lucayan, and the government’s voluntary separation offer to its managers, will both be discussed tomorrow as efforts to resolve the resort’s future heat up.
PRIME Minister Dr Hubert Minnis yesterday insisted that government’s purchase of the Grand Lucayan Resort was essential to save the Grand Bahama economy, and that he would do it again.
The government injected $45.4m into the Grand Lucayan resort, including $13m to cover its operational costs, during the six months to year-end 2018, it was revealed last night.
The Grand Lucayan’s chairman says the board is targeting end-March 2019 to recommend a purchaser for the resort - a timeline that meets the deadline set at the outset.
VOLUNTARY separation packages for line staff at the Grand Lucayan resort could include monies owed to some hotel employees for several years, according to Labour Minister Dion Foulkes.
PRIME Minister Dr Hubert Minnis yesterday addressed the Grand Lucayan severance pay dispute, saying his administration is “law-abiding” and will ensure those employees who are eligible will receive what they are entitled to.
FINANCE Minister K Peter Turnquest yesterday told critics that the government’s decision to temporarily own the Grand Lucayan was an “investment” toward the overall health of the economy.
OFFICIALS are still eyeing a second quarter 2019 sale of the Grand Lucayan resort with “April to June” pegged as a timeline for the sale, chairman of Lucayan Renewal Holdings Michael Scott told The Tribune yesterday.
THE government continues to move the “goalpost” on the resale of the Grand Lucayan property, Senator Michael Darville suggested yesterday.
The Grand Lucayan’s managerial union has been accused of “feasting on an economic tragedy” by demanding an extra $650,000 payout after the hotel had already upped its offer by $500,000.
THE government is working on completing voluntary separation payouts for Grand Lucayan staff before Christmas, according to Finance Minister K Peter Turnquest, who yesterday insisted there was an agreement with the workforce’s trade unions.
The Government is investing $3.5m in pre-sale upgrades at the Grand Lucayan, the resort’s chairman revealed yesterday, with a preferred buyer unlikely to be selected before Easter 2019.
PROGRESSIVE Liberal Party Leader Philip Davis yesterday blasted the government for placing the burden of Grand Lucayan severance packages on taxpayers, pointing to “myopic” and “incompetent” negotiations.
The Grand Lucayan’s workforce will likely be cut by 50 percent through a voluntary separation (VSEP) exercise to launch around month’s end, the resort’s chairman revealed yesterday.
The Grand Lucayan’s chairman yesterday accused Hutchison Whampoa of displaying “a lot of bad faith” over the $65m deal’s closing, branding negotiations as “nasty and torturous”.Michael Scott, chairman of Lucayan Renewal Holdings, the Government-owned
GRAND Bahama State Minister Senator Kwasi Thompson revealed that there is “high interest” from prospective buyers to purchase the Grand Lucayan resort property in Grand Bahama.
LUCAYAN Renewal Holdings Limited, the government’s special purpose vehicle given the task of finding a purchaser for the Grand Lucayan, has received “several” expressions of interest from prospective buyers.
The Government was “too nice” in allowing Hutchison Whampoa to exit its Grand Lucayan debacle without paying $3.25m in Stamp duty and pocketing other payments/concessions.
DEBATE on a resolution for a $35m loan to complete the government’s Grand Lucayan purchase in Grand Bahama was delayed yesterday after the Official Opposition refused consent insisting they did not receive the needed documents to properly debate the
The government will assume all li abilities including about $1m in back pay owed to workers at the Grand Lucayan resort in Grand Bahama.
AS the Minnis administration aims to complete the purchase of the Grand Lucayan resort in Grand Bahama next week, The Tribune was told officials are in the process of having the resort reappraised for reselling purposes.
OFFICIAL Opposition Leader Philip “Brave” Davis yesterday demanded the government make public an appraisal done on the Grand Lucayan, telling supporters the Minnis administration may be spending far more than the resort’s estimated value.
THE government intends to write a promissory note to Hutchinson Whampoa to complete the $65m purchase of the Grand Lucayan, The Tribune was told.Last week, Prime Minister Dr Hubert Minnis revealed the government made a $10m down payment towards the p