The Grand Lucayan Resort was once a premier destination for tourists visiting the Bahamas. The resort, located in Freeport on Grand Bahama Island, was a sprawling complex that included three hotels, multiple restaurants, and a casino. However, in recent years the resort has fallen on hard times and has undergone a series of ownership changes and financial difficulties.
History of Grand Lucayan Resort
The Grand Lucayan Resort first opened its doors in 1996 as the Radisson Our Lucaya Resort. The resort quickly became a popular destination for tourists seeking sun, sand, and relaxation. In 2007, the resort was purchased by Harcourt Development Group, which invested heavily in the property and renamed it the Grand Lucayan Resort.
Under Harcourt’s ownership, the resort experienced significant growth and expansion. The company added new amenities such as a convention center and spa facilities. However, in 2010 Harcourt filed for bankruptcy and was forced to sell off its assets.
Ownership Changes
The Grand Lucayan Resort changed hands several times over the next few years. In 2012, the resort was purchased by Hong Kong-based Hutchison Whampoa Ltd. for $130 million. Hutchison Whampoa invested heavily in upgrading the property but struggled to turn a profit due to declining tourism numbers.
In 2016, Hurricane Matthew caused significant damage to Grand Bahama Island and forced the closure of several hotels including the Grand Lucayan Resort. Hutchison Whampoa announced that it would be putting the property up for sale due to ongoing financial difficulties.
In August 2018, it was announced that Canadian-based company ITM Group had purchased the resort for $65 million with plans to renovate and reopen it as a luxury destination. However, ITM Group later pulled out of the deal citing difficulties with financing.
The Future of Grand Lucayan Resort
As of 2021, the Grand Lucayan Resort remains closed with no clear timeline for reopening. The Bahamas government has stated that it is committed to finding a new buyer for the property and revitalizing the tourism industry on Grand Bahama Island.
In conclusion, the Grand Lucayan Resort has faced a series of challenges over the past decade including ownership changes, natural disasters, and financial difficulties. While the future of the resort remains uncertain, it is clear that its legacy as a premier destination in the Bahamas will not be forgotten anytime soon.