By Neil Hartnell

Tribune Business Editor

nhartnell@tribunemedia.net

Port Lucaya Marketplace’s principals “have a deal in place” to acquire the Freeport assets owned by Preben Olsen and his partners/financiers for just under $22m, it was revealed yesterday.

The Central Bank of The Bahamas, unveiling its 2025 third quarter economic update, disclosed that Peter Hunt and his business partner, Shmuel Herschkowitz, are “pursuing plans” to acquire the New Hope Holdings assets - including the Port Lucaya Marina and Grand Bahama Yacht Club - currently held by Mr Olsen, the Gonzalez family and Duane Crithfield.

“Bahama Land Waterways is pursuing plans to redevelop the Port Lucaya Marketplace and acquire several key properties on Grand Bahama, including the Port Lucaya Marina, the Grand Bahama Yacht Club and surrounding waterfront buildings and properties,” the Central Bank disclosed.

“The proposed initiative is valued at approximately $21.8m. The multi-phase development would feature a resort hotel, marina residential units and entertainment facilities.” All parties involved in the deal declined to comment when contacted by Tribune Business yesterday, but this newspaper was able to confirm that Bahama Land Waterways is the vehicle for Mr Hunt, the UK-based investor, and Mr Herschkowitz.

Mr Hunt, and his representatives, all said it would be “premature” to comment at present. It is understood that while a sales agreement is in place and has been signed by the relevant parties, the deal has yet to close. However, one source, familiar with developments and speaking on condition of anonymity, said: “They have a deal in place to buy all that property from the Gonzalez family, their trustees, and Preben.

“There’s 30 pieces of property involved including a lot of canal land.” The contact added that the $21.8m figure was close to the proposed purchase price, while another source confirmed that the parties and their attorneys are working through the normal transaction-related issues such as ensuring the vendor can deliver clear and marketable title to all real estate assets.

However, one contact, who said the Port Lucaya Marina is presently closed, questioned what the plans are should a successful acquisition be completed. “The question is: Buying it is one thing. Do you have the money to develop it? What’s the development plan? What’s the demographic you are targeting? How are you going to brand it? How are you going to get the customers there?”

Should the acquisition close, Mr Hunt and his partner will have to work closely with the Grand Lucayan’s purchaser, Concord Wilshire, and its partners to ensure there is a united and harmonious vision for the Freeport’s tourism revival given that they are in such close proximity to one another. The two deals are also likely to coincide with one another.

The Central Bank, meanwhile, drawing on information provided by the Government’s Bahamas Investment Authority (BIA), detailed other potential foreign direct investment (FDI) projects that are on the drawing board or in the pipeline.

“Seneca Industries (Bahamas) is seeking approval to advance the further development of the existing Coral Club Beach Villas and Resort into a premier five-star luxury destination spanning several of the Abaco Cays, including Big Grand Cay, Felix Cay, Spongers Cay, Seahorse Cay, Baker’s Cay and Wells Bay. Estimated first phase investment is $100m,” it said.

“Premier Hospitality Management and Development LLC entered into a joint venture to develop a 24-room hotel, to be known as The Creek Hotel and Spa, on San Salvador. The project is valued at approximately $14.7m.

“Casa De Magee is undertaking a $15m investment to develop a unique private residential and commercial destination on the island of Great Exuma. The project, Casa De Magee, would blend luxury living with hospitality offerings. Capital expenditures are projected over a five-year period,” the Central Bank added.

“During the review period, Myles Ahead advanced plans for a multi-phased luxury residential resort development on over 90 acres of prime oceanfront property at the site of the former Club Med property in Governor’s Harbour, Eleuthera. The project, valued at approximately $180.1m, encompasses both hotel and residential components, along with supporting infrastructure, soft costs at market value and land acquisition expenses.”