By Neil Hartnell

Tribune Business Editor

nhartnell@tribunemedia.net

The Grand Lucayan and Port Lucaya Marina buyers are working together on plans to create a ‘Port Lucaya Village’ destination that aims to be the “first step in reigniting the stopover tourism product” in Grand Bahama.

Dillon Knowles, the Grand Bahama Chamber of Commerce president, confirmed to Tribune Business that Peter Hunt, the Port Lucaya Marketplace owner who is seeking to acquire the marina, Grand Bahama Yacht Club and other surrounding real estate assets, is “collaborating” with Concord Wilshire, the Grand Lucayan’s purchaser.

He confirmed that the two, while each separately owning their respective investments if they close their deals, would effectively combine them to make one overall destination that is “critical to ensuring we get foot traffic” into Freeport and wider Grand Bahama given that Carnival Cruise Line’s passengers are now rarely venturing beyond Celebration Key.

“This transaction is his part of the collaboration with Concord Wilshire on the Grand Lucayan,” Mr Knowles told this newspaper, which earlier this week exclusively revealed Mr Hunt’s plans to acquire the assets currently owned by New Hope Holdings. “Concord Wilshire has got the hotel and golf course, and Peter will have the Marketplace, two marinas and about 50 acres of canal front property.

“They’re working it together as part of what they’re calling Port Lucaya Village, but they are two different owners with two different products. They’ll come together to make the overall project they talked about at the Grand Lucayan Heads of Agreement signing they talked about earlier this year.”

Tribune Business reported on Tuesday how Mr 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 Preben Olsen, the Gonzalez family and Duane Crithfield.

“With or without the hotel, this is going to be much better for Freeport,” Mr Knowles said. “My understanding is that he’s [Mr Hunt] is working a mini-miracle to get all the owners to agree to a sale. That in itself is a mini-miracle. Preben’s long been trying to get them to agree to a sale.

“My understanding is that Peter has signed a sale and purchase agreement with all the parties involved, he has government approval but still needs to negotiate a Heads of Agreement and obtain Central Bank approval. Short of that, he’s ploughing on on his side of the project as we understand Concord Wilshire is also ploughing ahead on wrapping up all the outstanding issues on their side of the project.”

Concord Wilshire is understood to be close to obtaining everything it needs from the Government to proceed with the Grand Lucayan deal. There are also suggestions that the Davis administration may have signed with the Saudi Fund for Development to secure the necessary financing for Grand Bahama International Airport’s transformation.

“Getting the Marketplace, the marina that wraps around the Marketplace, which is the Port Lucaya Marina, and the Grand Bahama Yacht Club all in one package that they can market to the boating public in south Florida will be a step in the right direction for us,” Mr Knowles told Tribune Business.

“Obviously we’d like and need to see the hotel deal go forward and move forward as well. I think these two projects together will be a good stepping stone for the redevelopment of the tourism brand in Grand Bahama. These are going to be key to the tourism product in Grand Bahama.”

While Carnival will be bringing an estimated six million passengers to the island within a year or two, the Chamber chief described Celebration Key as “a destination unto itself” where visitors will rarely venture outside to patronise local Bahamian businesses. Vendors inside that location, and suppliers, as well as its employees will continue to fare well.

“We still have operators outside Celebration Key depending on walk-up traffic that they are not yet seeing,” Mr Knowles added. “The hotel and marina development, what they’re calling Port Lucaya Village, is critical to ensuring we get the foot traffic into places like Port Lucaya Marketplace and other excursion operators on Grand Bahama. That’s extremely important to us.

“I see this as the first step in reginiting our overnight tourism product on Grand Bahama. There’s also going to be the Royal Caribbean beach excursion at the Xanadu, and I’m understanding that the Freeport Harbour Company is still very much talking about a cruise port development at Billy Cay. We’ll see how those play out, but Concord Wilshire is furthest along in the process and Grand Bahama needs them to be successful.”

Confirming that the Port Lucaya Marina will likely have to be almost completely rebuilt, the GB Chamber chief added: “I don’t know exactly what plans Peter has for it, but I know most of the dockage there has not been usable since the prior storm. I imagine they’re going to have to redo the entire marina at Port Lucaya.”

The Central Bank of The Bahamas, unveiling its 2025 third quarter economic update, disclosed Mr Hunt’s project.

“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 revealed.

“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, 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.