When the submission period ended last Thursday for proposals to purchase the Grand Lucayan resort, there were “in excess of 60 bids” on the table, Chairman of Lucayan Renewal Holdings Michael Scott told Guardian Business yesterday.
Interested buyers had until February 15 to submit their proposals.
“I have a conference call with Bolin Marketing (the company that accepted the proposals) in the morning but it was well in excess of 60 bids,” Scott said.
“This is the beginning. Some of the proposals aren’t real, but the process is transparent, it’s organized. It’s efficient and we will get there. Anyone can make an offer, it doesn’t mean they have the money or cash or the vision that’s right for Grand Bahama.”
Scott likened the process of whittling down the proposals to the top three to that of a beauty pageant, and said it should be complete within the next few weeks.
“We’re processing it, going through it. It’s like a beauty pageant, you have the three finalists and then the finalist and then we pick the winner, Miss Grand Lucayan,” he said.
“Our marketing team is drilling down on them and they will be discussing and making recommendations to us and in a few weeks, we’ll have a determination and make a detailed recommendation to Cabinet, then evaluate the pros and cons and have the absolute final list from which the government can make a determination.”
Lucayan Renewal Holdings is a special purpose vehicle established by the government, charged with handling the process of finding the buyer for the property.
The government purchased the resort last year for $65 million. It hopes to have the property sold by the second quarter of 2019.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News
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