Royal Caribbean International is the new co-owner of a Bahamas resort.
The Grand Lucayan resort was sold by the Government of The Bahamas to the joint venture of Royal Caribbean International and ITM Bahamas Port Investments.
The JV will now invest about $250 million in the hotel and the redevelopment of the cruise port.
The initial redevelopment phase at Grand Lucayan will see the refurbishment of 500 rooms and a further 500 rooms as well as 500 villas in phase two.
The resort will also feature a new casino, a water park and new retail outlets and restaurants.
The development will create about 3,000 jobs.
The Government took over the resort from previous owner Hutchison Whampoa in 2018 and says it will recoup the investments made after Hurricane damage.
"As we stated at the time, it was our intention to privatize the property as quickly as possible. We wanted to ensure that we found the right buyer who shared our vision for the renewal of Grand Bahama," said Bahamas Premier Hubert Minnis.
Additionally, a new cruise port will be built in Freeport which will be able to handle up to seven ships simultaneously over time.
