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Thompson, Turnquest give assurances on progress of Grand Lucayan deal

Both Minister for Grand Bahama Kwasi Thompson and Deputy Prime Minister Peter Turnquest gave assurances yesterday that the Grand Lucayan sale deal that began months ago is still progressing.

Speaking at the Grand Bahama Business Outlook, both men assured the crowd of mostly Grand Bahamians that investor interest remains strong in the property.

Turnquest said he spoke to Paul Wynn, of the Wynn Group, yesterday, who continues to negotiate with government and Grand Lucayan owners Hutchison Whampoa for the property, and was assured that the “deal is on track” and is expected to be “wrapped up” shortly.

“Renovations will begin in the not-too-distant future,” Turnquest said.

He also explained that three notable brands have been attracted to the three properties that make up the Grand Lucayan property.

“They will give Grand Bahama the kind of variety we want,” said Turnquest.

Government had ambitions to open the Grand Lucayan resort by winter last year, but a final deal could not be negotiated.

The Wynn Group is a real estate development company out of Canada. Turnquest said there has been tremendous interest in the Lucayan property by investors other than Wynn.

Meantime, Turnquest touted the implications of the $2.5 billion sale of the Ginn Sur Mer property on Grand Bahama as credit positive for the island, as well as the impending development of the Seaward Fishing Village.

 

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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