Royal Caribbean Cruises Ltd. and Mexico’s ITM Group have signed a $65 million USD letter of intent with the government of The Bahamas, for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbor.
According to Bahamas Weekly, the development will take place over a two- to three-year period, including a $195 million investment into the first phase of the project. Once complete, a theme park and five-star hotel will be part of the redevelopment effort. The report added that more than 60 purchase proposals were sent to the government of the Bahamas from various local and international firms.
The government expects the development to bring an additional two million annual cruise passengers to Grand Bahama island, RCI added.
In 2016, the Grand Lucayan suffered significant damage following Hurricane Matthew, which forced the closure of two-thirds of the property.
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