The iconic Grand Lucayan Resort complex is being offered for sale via a Sealed Bid Auction. Details are available at grandlucayanauction.com. (PRNewsFoto/HVS Capital Corp.)
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FREEPORT, Bahamas (March 15) --HVS Capital Corp. today announced that the Grand Lucayan Resort complex is being sold in a Sealed Bid Auction.
The 409-acre resort is the largest on Grand Bahama Island and the third
largest in The Bahamas. The owner, a subsidiary of Hong Kong-based
Cheung Kong Property Holdings Limited, has engaged HVS Capital Corp. to
act as advisor in the sale. The seller's preference is to sell the Grand
Lucayan Resort complex as a single transaction. However, bids for
individual assets will be considered. There is no reserve price.
Additionally, seller-provided purchase-money financing may be available
to appropriate bidders. The deadline for submitting bids is
June 10, 2016.
"There are a number of investment opportunities for an
interested buyer, from purchasing the resort in its entirety or looking
at individual components," said Mike Sullivan, HVS Capital Corp. "Some
of those options include expanding and/or relocating the casino,
converting additional accommodations to an all-inclusive product or
converting some accommodations to vacation or whole ownership."
Located 55 miles from the east coast of Florida, the Grand
Lucayan Resort complex, totaling 1,271 guestrooms, includes four hotel
elements: the 10-story 528-room Breaker's Cay tower; 198-room Lighthouse
Pointe, newly renovated as all-inclusive; and 23 Lanai Suites—all with
12 food and beverage outlets and three swimming pools; plus the 522-room
Memories Beach Resort (presently leased to a third-party operator).
"Baha Mar has garnered so much negative resort news for the
Bahamas recently," remarked Stan Kozlowski, HVS Capital Corp. "Unlike
that situation, we see significantly more favorable economic investment
opportunities for Grand Lucayan, no matter what options a potential
buyer may consider."
Other amenities include:
- Conference Center (40,000 sq. ft.), including a 15,000 sq.
ft. ballroom, 16 breakout rooms, plus 50,000 sq. ft. of outdoor
function space.
- Casino (23,375 sq. ft.) with 25 gaming tables, 195 slot machines,
- Destination Spa and fitness center (25,000 sq. ft.)
- Two golf courses, including the Robert Trent Jones, Jr., Reef Golf Course
- Four multi-surfaced tennis courts
- Approximately 15,000 sq. ft. of retail space
Details on the Grand Lucayan Resort including the Sealed Bid Auction are available at grandlucayanauction.com.