Royal Caribbean purchases land on western side of Paradise Island in Nassau, Bahamas

In:
27Feb2020
By: 
Matt Hochberg

Bahamian media are reporting Royal Caribbean has purchased land on the western end of Paradise Island in The Bahamas.

The Tribune confirmed with Royal Caribbean’s Bahamian attorney that earlier this week the cruise line, "acquired multiple real estate parcels on Paradise Island’s western end."

Campbell Cleare, partner at McKinney, Bancroft and Hughes, confirmed Royal Caribbean has steadily been working towards purchasing land on Paradise Island’s western end.

“I do represent Royal Caribbean,” he said. “Royal Caribbean has bought a number of parcels of land on the western side of Paradise Island. I can tell you, because we’ve concluded the matter and it’s of public record, that we did buy a number of parcels on western Paradise Island.”

There is no indication yet by Royal Caribbean what the intended use for this land. According to Tribune Business, the land could be used for, "a beach-centred entertainment destination for the passengers it brings to Nassau."

According to Tribune Business, they estimate Royal Caribbean may have spent as much as $54 million on some of the land deals in total.

Royal Caribbean has publically confirmed it is working towards aquiring the Grand Lucayan resort in Freeport, Bahamas.  That deal is part of a greater Freeport Harbour redevelopment plan through the cruise line's Holistica joint venture.

In addition to both acquisitions, Royal Caribbean recently spent an additional $250 million transforming its private island into Perfect Day at CocoCay.