Concord Wilshire Bahamas Managing Partner, Adam Petrillo recently revealed to ZNS News that demolition of the Grand Lucayan Hotel on the island of Grand Bahama will take place shortly.

Petrillo also spoke to why the redevelopment of the Grand Bahama International Airport is a critical to the project. He said, “we’re still waiting for the airport to evolve. And so in order to bring all the capital to the table, for various pieces of this particularly the hospitality sector, we need to know timelines as to when things will start and that will then begin to determine the schedule for completion. But we’re on track right now to start with demolition very soon and make major improvements to the property.”

Petrillo also shared his affection for Grand Bahama resident. “You have treated me with such grace and beauty and welcoming. I’m not here as an American investor to be about the mighty dollar. I came back to The Bahamas to bring back my talents and skills and experience to hopefully create a much better life for you and your families, that’s what our company is really all about. Of Course economics and finance is important, we have to have profits but that’s not the reason we came in here. We saw an amazing opportunity. I’ve personally been in The Bahamas for more than forty-five, fifty years and its an opportunity to given back and that’s really what this is all about for us.”

The government signed a heads of agreement with Concord Wilshire for the redevelopment of the Grand Lucayan Hotel in May.