By LEANDRA ROLLE

Tribune Chief Reporter

lrolle@tribunemedia.net

THE Davis administration is selling the Grand Lucayan resort and its surrounding property for $120 million to Ancient Waters Bahamas Limited, a Bahamian subsidiary of US-based Concord Wilshire Capital (CWC).

Office of the Prime Minister’s Communication Director Latrae Rahming revealed details about the long-awaited sale in a press statement following Thursday’s heads of agreement signing.

According to the statement, the agreement includes the sale of the 56-acre beachfront resort along with the adjacent 160-acre Reef Golf Course.

Concord Wilshire reportedly has $10 billion in developed and acquired assets, and will spearhead the $827m redevelopment of the beachfront property in what officials hope will become a world-class, integrated resort destination.

“This sale and redevelopment form part of the government’s wider plan to revitalize Grand Bahama,” Mr Rahming said Friday.

“The Davis administration remains steadfast in its commitment to building a stronger and more resilient Grand Bahama. The redevelopment of the Grand Lucayan is a clear signal that the island’s future is being built with purpose and ambition. 

Developers say the new property will feature seven major resort components, including three new hotel buildings and branded timeshare units.

Other features include a 35-acre cruise destination open to all cruise lines and guests, a 25,000-square-foot indoor-outdoor casino, the conversion of the Reef Golf course to a 160-acre Greg Norman signature golf course, and a 16-slip mega-yacht marina.

Construction is expected to begin within 90 days of obtaining the necessary permits and approvals. 

The project will be rolled out in phases, creating 1,320 construction jobs and 1,750 permanent positions once the resort is fully operational.

“This is a significant shift in fiscal responsibility, as the Government had been paying approximately $1.5 million per month over the past three years—amounting to an estimated $63 million in holding costs,” Mr Rahming said. 

Mr Rahming said the agreement also includes a retention framework to support oversight, collaboration, and timely execution throughout the life of the project.

The developer, he added, will implement a retention arrangement with employees to ensure continuity and preserve institutional knowledge during the transition. 

Under the scheme, eligible individuals will receive a portion of their compensation in exchange for remaining available to be called back for specific duties as needed.

They will also be allowed to seek and accept other employment during the retention period. 

However, he added: “If they are no longer available for recall when required, the retention payment will cease. This approach ensures operational flexibility while respecting the right of individuals to pursue other opportunities.”

Nate Sirang, president of Concord Wilshire, said the resort’s redevelopment is not just about creating a destination, but also about reigniting tourism, generating local jobs, and boosting the economy.

The closure of the Grand Lucayan Resort years ago forced many residents to relocate for work and contributed to Grand Bahama’s stagnant economy. However, officials are optimistic that this new investment will help reverse that trend.