Grand Bahama’s iconic beachfront resort the Grand Lucayan Resort has been sold for $120 million to Miami developer Concord Wilshire Capital.
The new owner said it will undertake a major redevelopment with a total estimated cost of more than $800 million.
It will anchor a cruise ship destination resort complete with hotel, walkable village, residential units, casino and golf course.
The developer says it has formed a strategic alliance with well known brands.
The redevelopment will also include a yacht marina.
There will also be a water park, and access to dive and fishing charters, and boat rentals.
“By reimagining and redeveloping this entire resort, we’re not just creating a destination, but we’re reigniting tourism, and generating local jobs,” Nate Sirang, president of CWC, said.
“We are excited to be a part of the rebirth and transformation of the Grand Lucayan Resort into a vibrant village resort with a sense of place that will enhance Grand Bahama and the Port Lucaya Marketplace,” Peter Hunt, MD of Port Lucaya Marketplace added.
