Located on the beautiful Grand Bahama Island, Grand Lucayan Resort is a popular vacation spot among tourists. The resort boasts of pristine beaches, luxurious accommodations, and a host of amenities that make it an ideal destination for family vacations, romantic getaways, and business retreats.
However, many people are often curious about who owns this magnificent resort. In this article, we will explore the ownership of Grand Lucayan Resort.
History of Grand Lucayan Resort
The Grand Lucayan Resort was originally built in 1984 as the Bahamas Princess Resort and Casino. Over the years, it went through several ownership changes until it was eventually acquired by Hong Kong-based conglomerate Hutchison Whampoa in 2007. Hutchison Whampoa invested heavily in the property and rebranded it as the Grand Lucayan Resort.
The Current Ownership of Grand Lucayan Resort
In 2018, Hurricane Dorian devastated much of the Bahamas including Grand Bahama Island where the resort is located. The hotel was closed for repairs and remained closed until early 2021 when it was announced that Royal Caribbean International (RCI) and ITM Group had formed a joint venture to purchase a controlling interest in the resort.
Royal Caribbean International
Royal Caribbean International is a well-known global cruise line with a reputation for luxury travel experiences. The company has been operating since 1968 and has grown to become one of the largest cruise lines in the world with over 26 ships currently in operation.
ITM Group
ITM Group is an investment firm that specializes in tourism development projects across Latin America and the Caribbean. They have extensive experience working with governments to develop tourism infrastructure and projects that promote economic growth.
The Future of Grand Lucayan Resort
The joint venture between RCI and ITM Group plans to invest $250 million in the property over the next several years. This investment will include a complete renovation of the resort, including the addition of new hotels, restaurants, and entertainment venues. Additionally, the joint venture plans to develop a new port facility on Grand Bahama Island that will serve as a stop for Royal Caribbean cruises.
Conclusion
In conclusion, Grand Lucayan Resort has been through several ownership changes since its inception in 1984. However, it is currently owned by a joint venture between Royal Caribbean International and ITM Group. The future of the resort looks bright with plans for extensive renovations and infrastructure improvements that are sure to attract even more tourists to this beautiful island paradise.
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