Thursday, Dec 14, 2017
HomeBusinessSource: Wynn Group’s offer for Grand Lucayan strip accepted

Source: Wynn Group’s offer for Grand Lucayan strip accepted

Wynn Group intends to reopen the hotel by late spring/early summer 2018
The Grand Lucayan hotel in Grand Bahama. FILE

The Grand Lucayan hotel strip is expected to reopen in phases, possibly opening fully by early summer 2018 once final negotiations are made between the property’s landlord and the prospective buyer, Guardian Business can confirm.

Guardian Business understands that landlord Hutchison Whampoa recently accepted Canadian real estate development company Wynn Group’s offer to purchase the development.

Following a recent meeting between the vendor and the Wynn Group, a Guardian Business source said it is just a matter of timing for the deal to be finalized and for work on the project to get started.

The source, speaking under the condition of anonymity, indicated that once final transactions are completed, the Wynn Group intends to reopen the hotel by late spring/early summer.

Guardian Business contacted Wynn CEO Paul Wynn, who was unable to speak on the matter yesterday, but assured that things are “positive” with the deal and the reopening of the resort complex.

In November, Wynn announced that he was back on the purchasing table after cancelling his offer in August.

Wynn made a revised “all cash” offer to Hutchison Whampoa.

The majority of the Grand Lucayan strip remains closed to date, leaving hundreds of Grand Bahamians unemployed.

Prime Minister Dr. Hubert Minnis announced that the government hoped to have the resort property open by winter of 2017.

However, several setbacks make the opening of the Grand Lucayan – which this paper understands requires extensive renovations – unlikely.

The government will not be able to fully reopen the resort for the crucial winter season.

SHARE US ON:

Bills facilitate compliance with EU, OECD rules

Bahamas avoids EU blacklist