Royal Caribbean purchases resort in Grand Bahama for development project

In:
28Mar2019
By: 
Matt Hochberg

Royal Caribbean Cruises Ltd. and ITM Group have signed a letter of intent with the government of The Bahamas for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbor.

Tribune242 reports the letter of intent was signed and an initial $195 million investment. The development will take place over a 24-month period, with $65 million of the purchase price for the Grand Lucayan Resort.

The government expects an additional two million cruise passengers will be brought annually to Grand Bahama island. Once complete, a theme park and five-star hotel will be part of the redevelopment effort.

The Grand Lucayan suffered significant damage more than two-and-a-half years ago following Hurricane Matthew, which forced the closure of two-thirds of the property.