In September, Prime Minister, the Hon. Philip Davis revealed the pending sale of the Grand Lucayan Hotel though he did not mention the prospective buyer.

Yesterday, Mr. Davis responded to criticism by the Leader of the Opposition, the Hon. Michael Pintard who questioned the delay of the sale.  Mr. Davis said, “first of all they’re the ones who made the bad deal to buy it and buy it in circumstances that they clearly were the inferior negotiator.”

He added, “they bought it at a price that we don’t think it was worth and bought it with less asset than it really had and I don’t want to speak to it because that’s looking backward.”

The Minnis administration purchased the resort property from Hutchinson Whampoa in 2018 at a cost of $65 million.  In 2020,  a $250 million sale to Royal Caribbean and ITM Group failed.  In May 2022, a deal negotiated by the Davis administration with Electra America fell through as well.

As to the status of the current pending sale agreement Mr. Davis said,  “we are still awaiting the potential purchaser to meet our requirements and once they meet our requirement we’ll go ahead with it.”